Serve Robotics (NASDAQ:SERV) Trading 2.6% Higher - Here's Why

Key Points

• Shares of Serve Robotics traded up 2.6% on Monday, reaching a high of $14.98, although trading volume declined by 14% compared to the average session.
• Wall Street analysts have mixed ratings for Serve Robotics, with five "Buy" ratings and a target price averaging $18.50, while one analyst rated the stock as a "Sell".
• CEO Ali Kashani recently sold 12,930 shares of the firm’s stock, and 21.40% of the company's stock is currently owned by insiders.

Shares of Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) traded up 2.6% during trading on Monday . The stock traded as high as $14.98 and last traded at $14.70. 7,183,691 shares were traded during trading, a decline of 14% from the average session volume of 8,332,910 shares. The stock had previously closed at $14.33.

Wall Street Analyst Weigh In

SERV has been the topic of a number of research reports. Wedbush initiated coverage on shares of Serve Robotics in a research note on Wednesday, August 27th. They issued an "outperform" rating and a $15.00 target price on the stock. Weiss Ratings reissued a "sell (d-)" rating on shares of Serve Robotics in a research note on Wednesday, October 8th. Seaport Res Ptn downgraded shares of Serve Robotics from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 11th. Citigroup reissued an "outperform" rating on shares of Serve Robotics in a research note on Monday, October 13th. Finally, Northland Securities set a $26.00 target price on shares of Serve Robotics in a research note on Monday, October 13th. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $18.50.

Serve Robotics Price Performance

The company's 50-day moving average price is $12.05 and its two-hundred day moving average price is $10.37.

Serve Robotics (NASDAQ:SERV - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.13). The company had revenue of $0.64 million during the quarter, compared to the consensus estimate of $0.63 million. Serve Robotics had a negative return on equity of 36.47% and a negative net margin of 3,726.00%. On average, equities research analysts forecast that Serve Robotics Inc. will post -0.98 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Serve Robotics news, CEO Ali Kashani sold 12,930 shares of the firm's stock in a transaction dated Tuesday, October 7th. The shares were sold at an average price of $15.08, for a total value of $194,984.40. Following the transaction, the chief executive officer owned 3,421,072 shares of the company's stock, valued at $51,589,765.76. This trade represents a 0.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Touraj Parang sold 4,825 shares of the firm's stock in a transaction dated Tuesday, October 7th. The stock was sold at an average price of $15.25, for a total transaction of $73,581.25. Following the completion of the transaction, the chief operating officer directly owned 1,360,591 shares in the company, valued at $20,749,012.75. This represents a 0.35% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 390,102 shares of company stock worth $4,584,727. 21.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of SERV. Capital Fund Management S.A. acquired a new position in Serve Robotics during the 1st quarter valued at about $4,244,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Serve Robotics by 616.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 679,014 shares of the company's stock valued at $3,972,000 after purchasing an additional 584,302 shares during the period. Geode Capital Management LLC boosted its stake in Serve Robotics by 176.0% during the 2nd quarter. Geode Capital Management LLC now owns 878,668 shares of the company's stock valued at $10,054,000 after purchasing an additional 560,361 shares during the period. Cubist Systematic Strategies LLC acquired a new position in Serve Robotics during the 1st quarter valued at about $2,064,000. Finally, Bank of America Corp DE boosted its stake in Serve Robotics by 157.9% during the 2nd quarter. Bank of America Corp DE now owns 401,557 shares of the company's stock valued at $4,594,000 after purchasing an additional 245,858 shares during the period.

Serve Robotics Company Profile

Serve Robotics Inc designs, develops, and operates low-emission robots that serve people in public spaces with food delivery in the United States. It builds self-driving delivery robots. The company was formerly known as Patricia Acquisition Corp. and changed its name to Serve Robotics Inc in July 2023.

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