Serve Robotics (NASDAQ:SERV) Shares Up 10.2% – What’s Next?

Shares of Serve Robotics Inc. (NASDAQ:SERV) were up 10.2% during mid-day trading on Thursday . The company traded as high as $13.27 and last traded at $13.00. Approximately 19,534,487 shares traded hands during trading, an increase of 141% from the average daily volume of 8,099,696 shares. The stock had previously closed at $11.80.

Analysts Set New Price Targets

Several equities analysts recently weighed in on SERV shares. Wedbush initiated coverage on Serve Robotics in a research note on Wednesday, August 27th. They issued an “outperform” rating and a $15.00 price objective for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Serve Robotics in a research report on Monday, December 1st. Seaport Res Ptn downgraded shares of Serve Robotics from a “strong-buy” rating to a “hold” rating in a report on Monday, August 11th. Singular Research raised shares of Serve Robotics to a “moderate buy” rating in a report on Tuesday, August 26th. Finally, Citigroup reissued an “outperform” rating on shares of Serve Robotics in a research note on Monday, October 13th. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Serve Robotics presently has an average rating of “Moderate Buy” and a consensus target price of $19.33.

Serve Robotics Stock Up 3.2%

The company has a market cap of $999.56 million, a price-to-earnings ratio of -9.01 and a beta of -0.14. The stock has a 50 day simple moving average of $12.27 and a 200 day simple moving average of $11.51.

Serve Robotics (NASDAQ:SERV) last posted its earnings results on Wednesday, November 12th. The company reported ($0.54) EPS for the quarter, missing analysts’ consensus estimates of ($0.37) by ($0.17). Serve Robotics had a negative return on equity of 38.52% and a negative net margin of 4,121.58%.The firm had revenue of $0.69 million for the quarter, compared to analyst estimates of $0.69 million. As a group, equities research analysts expect that Serve Robotics Inc. will post -0.98 EPS for the current fiscal year.

Insider Buying and Selling at Serve Robotics

In other news, insider Anthony Armenta sold 49,082 shares of the business’s stock in a transaction that occurred on Friday, November 14th. The stock was sold at an average price of $9.32, for a total value of $457,444.24. Following the completion of the sale, the insider directly owned 560,037 shares in the company, valued at approximately $5,219,544.84. The trade was a 8.06% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Brian Read sold 7,500 shares of the firm’s stock in a transaction on Thursday, December 4th. The stock was sold at an average price of $13.05, for a total value of $97,875.00. Following the transaction, the chief financial officer owned 344,270 shares in the company, valued at $4,492,723.50. This trade represents a 2.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 468,266 shares of company stock valued at $5,419,920. Corporate insiders own 5.50% of the company’s stock.

Hedge Funds Weigh In On Serve Robotics

Several hedge funds and other institutional investors have recently modified their holdings of the company. First Trust Advisors LP acquired a new position in shares of Serve Robotics during the third quarter valued at approximately $8,840,000. Capital Fund Management S.A. acquired a new position in shares of Serve Robotics during the 1st quarter valued at $4,244,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Serve Robotics by 616.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 679,014 shares of the company’s stock worth $3,972,000 after buying an additional 584,302 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Serve Robotics by 176.0% in the second quarter. Geode Capital Management LLC now owns 878,668 shares of the company’s stock valued at $10,054,000 after buying an additional 560,361 shares during the period. Finally, Vanguard Group Inc. grew its holdings in Serve Robotics by 25.2% during the third quarter. Vanguard Group Inc. now owns 2,594,869 shares of the company’s stock worth $30,178,000 after acquiring an additional 521,945 shares during the period.

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.