Serve Robotics (NASDAQ:SERV) Shares Gap Up – Time to Buy?

by · The Markets Daily

Shares of Serve Robotics Inc. (NASDAQ:SERV – Get Free Report) gapped up prior to trading on Wednesday . The stock had previously closed at $9.98, but opened at $10.57. Serve Robotics shares last traded at $10.5190, with a volume of 4,179,573 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on SERV shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Serve Robotics in a report on Monday. Cantor Fitzgerald reissued an “overweight” rating on shares of Serve Robotics in a research report on Monday, November 17th. Northland Securities set a $26.00 target price on shares of Serve Robotics in a report on Monday, October 13th. Singular Research upgraded shares of Serve Robotics to a “moderate buy” rating in a research note on Tuesday, August 26th. Finally, Citigroup restated an “outperform” rating on shares of Serve Robotics in a research report on Monday, October 13th. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $19.33.

Check Out Our Latest Analysis on Serve Robotics

Serve Robotics Stock Performance

The company has a market cap of $806.39 million, a PE ratio of -7.29 and a beta of -0.14. The stock’s 50-day simple moving average is $12.24 and its 200 day simple moving average is $11.48.

Serve Robotics (NASDAQ:SERV – Get Free Report) last issued its quarterly earnings results on Wednesday, November 12th. The company reported ($0.54) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.37) by ($0.17). The firm had revenue of $0.69 million for the quarter, compared to analyst estimates of $0.69 million. Serve Robotics had a negative return on equity of 38.52% and a negative net margin of 4,121.58%. On average, sell-side analysts predict 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 Euan Abraham sold 25,000 shares of the firm’s stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $14.99, for a total value of $374,750.00. Following the completion of the sale, the insider directly owned 227,019 shares of the company’s stock, valued at $3,403,014.81. This trade represents a 9.92% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Anthony Armenta sold 49,082 shares of the company’s stock in a transaction 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 transaction, the insider directly owned 560,037 shares in the company, valued at $5,219,544.84. This represents a 8.06% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 458,709 shares of company stock worth $5,301,845. 21.40% of the stock is currently owned by company insiders.

Institutional Trading of Serve Robotics

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Farther Finance Advisors LLC acquired a new position in Serve Robotics during the third quarter worth about $27,000. Allworth Financial LP boosted its stake in shares of Serve Robotics by 316.7% during the 2nd quarter. Allworth Financial LP now owns 3,900 shares of the company’s stock worth $45,000 after acquiring an additional 2,964 shares in the last quarter. SBI Securities Co. Ltd. grew its holdings in shares of Serve Robotics by 166.8% in the 3rd quarter. SBI Securities Co. Ltd. now owns 4,218 shares of the company’s stock worth $49,000 after acquiring an additional 2,637 shares during the period. Ameritas Investment Partners Inc. acquired a new stake in shares of Serve Robotics in the 2nd quarter worth approximately $55,000. Finally, Russell Investments Group Ltd. purchased a new position in Serve Robotics in the 3rd quarter valued at approximately $59,000.

Serve Robotics Company Profile

(Get Free Report)

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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