Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s stock price shot up 2.6% during mid-day trading on Thursday . The stock traded as high as $17.25 and last traded at $16.47. 4,127,264 shares changed hands during trading, a decline of 64% from the average session volume of 11,523,459 shares. The stock had previously closed at $16.05.
A number of brokerages have commented on SERV. Northland Securities boosted their target price on Serve Robotics from $16.00 to $23.00 and gave the company an "outperform" rating in a research note on Wednesday, January 15th. LADENBURG THALM/SH SH started coverage on Serve Robotics in a report on Monday, October 28th. They issued a "buy" rating and a $16.00 price objective on the stock. Finally, Northland Capmk raised shares of Serve Robotics to a "strong-buy" rating in a research report on Friday, October 18th. Two research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Strong Buy" and an average target price of $19.50.
Check Out Our Latest Stock Report on Serve Robotics
The company has a fifty day simple moving average of $15.55 and a two-hundred day simple moving average of $11.79.
Serve Robotics (NASDAQ:SERV - Get Free Report) last posted its earnings results on Thursday, November 7th. The company reported ($0.20) earnings per share for the quarter, hitting the consensus estimate of ($0.20). The firm had revenue of $0.22 million during the quarter, compared to analyst estimates of $0.36 million. Serve Robotics had a negative return on equity of 184.60% and a negative net margin of 1,972.12%. On average, equities research analysts anticipate that Serve Robotics Inc. will post -0.98 EPS for the current year.
In related news, CEO Ali Kashani sold 37,500 shares of the firm's stock in a transaction on Monday, January 6th. The shares were sold at an average price of $21.16, for a total value of $793,500.00. Following the transaction, the chief executive officer now directly owns 3,230,990 shares in the company, valued at approximately $68,367,748.40. This trade represents a 1.15 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, COO Touraj Parang sold 50,000 shares of the business's stock in a transaction on Monday, December 9th. The stock was sold at an average price of $12.99, for a total transaction of $649,500.00. Following the transaction, the chief operating officer now directly owns 1,163,439 shares of the company's stock, valued at approximately $15,113,072.61. This represents a 4.12 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 253,027 shares of company stock valued at $3,309,166 over the last 90 days. 21.40% of the stock is currently owned by company insiders.
Several hedge funds have recently added to or reduced their stakes in SERV. Yong Rong HK Asset Management Ltd bought a new position in Serve Robotics in the 3rd quarter worth approximately $9,636,000. Exchange Traded Concepts LLC bought a new position in Serve Robotics during the fourth quarter worth $9,066,000. Raymond James Financial Inc. acquired a new position in Serve Robotics during the 4th quarter valued at $1,978,000. Geode Capital Management LLC boosted its holdings in Serve Robotics by 128.1% in the 3rd quarter. Geode Capital Management LLC now owns 130,853 shares of the company's stock valued at $1,041,000 after purchasing an additional 73,496 shares during the period. Finally, Harbour Capital Advisors LLC grew its position in Serve Robotics by 102.4% in the 4th quarter. Harbour Capital Advisors LLC now owns 50,365 shares of the company's stock worth $680,000 after purchasing an additional 25,475 shares during the last quarter.
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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