Serve Robotics (NASDAQ:SERV) Trading Up 4.2% – Should You Buy?

Serve Robotics Inc. (NASDAQ:SERV) shares were up 4.2% on Friday . The company traded as high as $13.58 and last traded at $13.12. Approximately 10,433,279 shares traded hands during trading, an increase of 39% from the average daily volume of 7,506,116 shares. The stock had previously closed at $12.59.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on SERV shares. Singular Research raised shares of Serve Robotics to a “moderate buy” rating in a research report on Tuesday, August 26th. Wedbush assumed coverage on shares of Serve Robotics in a research report on Wednesday, August 27th. They set an “outperform” rating and a $15.00 price target on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Serve Robotics in a research report on Saturday, September 27th. Finally, Seaport Res Ptn lowered shares of Serve Robotics from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 11th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Serve Robotics currently has an average rating of “Moderate Buy” and an average price target of $17.75.

Serve Robotics Price Performance

The firm’s 50 day moving average is $11.04 and its 200 day moving average is $9.72. The company has a market cap of $785.63 million, a PE ratio of -11.41 and a beta of -0.70.

Serve Robotics (NASDAQ:SERV) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.13). The firm had revenue of $0.64 million for the quarter, compared to analysts’ expectations of $0.63 million. Serve Robotics had a negative net margin of 3,726.00% and a negative return on equity of 36.47%. As a group, analysts anticipate that Serve Robotics Inc. will post -0.98 EPS for the current year.

Insiders Place Their Bets

In other Serve Robotics news, CEO Ali Kashani sold 164,735 shares of the business’s stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $10.33, for a total value of $1,701,712.55. Following the completion of the transaction, the chief executive officer owned 3,434,002 shares of the company’s stock, valued at $35,473,240.66. The trade was a 4.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Touraj Parang sold 53,690 shares of the business’s stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $10.35, for a total transaction of $555,691.50. Following the completion of the transaction, the chief operating officer directly owned 1,365,416 shares of the company’s stock, valued at approximately $14,132,055.60. This represents a 3.78% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 325,233 shares of company stock worth $3,532,528. 5.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Serve Robotics

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Allworth Financial LP boosted its stake in shares of Serve Robotics by 316.7% in the 2nd quarter. Allworth Financial LP now owns 3,900 shares of the company’s stock valued at $45,000 after purchasing an additional 2,964 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Serve Robotics in the 1st quarter valued at $49,000. KLP Kapitalforvaltning AS purchased a new stake in shares of Serve Robotics in the 1st quarter valued at $49,000. Ameritas Investment Partners Inc. purchased a new stake in shares of Serve Robotics in the 2nd quarter valued at $55,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Serve Robotics by 13.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 12,728 shares of the company’s stock valued at $73,000 after purchasing an additional 1,545 shares in the last quarter.

About Serve Robotics

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.