Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s stock price shot up 10.6% during trading on Friday . The stock traded as high as $19.18 and last traded at $18.47. 7,166,470 shares were traded during mid-day trading, a decline of 38% from the average session volume of 11,491,188 shares. The stock had previously closed at $16.70.
SERV has been the subject of several analyst reports. Northland Securities upped their target price on Serve Robotics from $16.00 to $23.00 and gave the stock an "outperform" rating in a research report on Wednesday, January 15th. Northland Capmk upgraded Serve Robotics to a "strong-buy" rating in a report on Friday, October 18th. Finally, LADENBURG THALM/SH SH began coverage on shares of Serve Robotics in a report on Monday, October 28th. They issued a "buy" rating and a $16.00 price objective on the stock. Two investment analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Serve Robotics has a consensus rating of "Strong Buy" and a consensus price target of $19.50.
Read Our Latest Stock Analysis on SERV
The business's 50-day moving average price is $15.34 and its two-hundred day moving average price is $11.72.
Serve Robotics (NASDAQ:SERV - Get Free Report) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.20) EPS for the quarter, hitting the consensus estimate of ($0.20). Serve Robotics had a negative net margin of 1,972.12% and a negative return on equity of 184.60%. The business had revenue of $0.22 million for the quarter, compared to analysts' expectations of $0.36 million. Research analysts expect that Serve Robotics Inc. will post -0.98 EPS for the current fiscal year.
In other news, CEO Ali Kashani sold 37,500 shares of the business's stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $21.16, for a total transaction of $793,500.00. Following the completion of the transaction, the chief executive officer now directly owns 3,230,990 shares in the company, valued at approximately $68,367,748.40. The trade was a 1.15 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Touraj Parang sold 50,000 shares of the company's stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $12.99, for a total transaction of $649,500.00. Following the completion of the sale, the chief operating officer now directly owns 1,163,439 shares of the company's stock, valued at $15,113,072.61. The trade was a 4.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 253,027 shares of company stock worth $3,309,166 over the last 90 days. Insiders own 21.40% of the company's stock.
Institutional investors and hedge funds have recently modified their holdings of the stock. Bfsg LLC acquired a new position in Serve Robotics during the third quarter valued at $38,000. Harbour Capital Advisors LLC purchased a new stake in shares of Serve Robotics in the third quarter worth approximately $198,000. Yong Rong HK Asset Management Ltd acquired a new stake in shares of Serve Robotics during the third quarter worth approximately $9,636,000. Quantum Private Wealth LLC purchased a new position in Serve Robotics during the third quarter valued at approximately $80,000. Finally, GSA Capital Partners LLP acquired a new position in Serve Robotics in the 3rd quarter valued at approximately $152,000.
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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