Serve Robotics (NASDAQ:SERV) Shares Gap Up – Here’s Why

by · The Markets Daily

Serve Robotics Inc. (NASDAQ:SERV – Get Free Report) shares gapped up before the market opened on Monday . The stock had previously closed at $7.46, but opened at $8.38. Serve Robotics shares last traded at $8.78, with a volume of 3,977,890 shares traded.

Wall Street Analysts Forecast Growth

Separately, Northland Securities set a $23.00 price objective on Serve Robotics in a research note on Tuesday, February 18th. Two research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Strong Buy” and an average price target of $19.50.

Check Out Our Latest Research Report on Serve Robotics

Serve Robotics Trading Up 15.6%

The business has a fifty day moving average of $6.40 and a 200 day moving average of $10.94. The company has a market capitalization of $491.69 million and a PE ratio of -8.10.

Serve Robotics (NASDAQ:SERV – Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.02). The company had revenue of $0.44 million during the quarter, compared to analyst estimates of $0.49 million. Serve Robotics had a negative net margin of 1,972.12% and a negative return on equity of 184.60%. Equities analysts forecast that Serve Robotics Inc. will post -0.98 EPS for the current fiscal year.

Insider Buying and Selling at Serve Robotics

In other Serve Robotics news, CEO Ali Kashani sold 3,713 shares of Serve Robotics stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $9.21, for a total transaction of $34,196.73. Following the transaction, the chief executive officer now owns 3,225,852 shares of the company’s stock, valued at $29,710,096.92. The trade was a 0.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Brian Read sold 29,100 shares of Serve Robotics stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $7.06, for a total value of $205,446.00. Following the transaction, the chief financial officer now directly owns 240,900 shares in the company, valued at approximately $1,700,754. This trade represents a 10.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 49,934 shares of company stock valued at $367,524 in the last quarter. Corporate insiders own 5.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SERV. Uber Technologies Inc purchased a new stake in shares of Serve Robotics in the fourth quarter valued at approximately $71,534,000. Exchange Traded Concepts LLC acquired a new stake in Serve Robotics during the fourth quarter worth about $9,066,000. Vanguard Group Inc. boosted its position in shares of Serve Robotics by 74.6% in the fourth quarter. Vanguard Group Inc. now owns 1,274,303 shares of the company’s stock worth $17,203,000 after buying an additional 544,537 shares during the period. Legal & General Group Plc purchased a new position in Serve Robotics in the fourth quarter valued at about $6,629,000. Finally, Captrust Financial Advisors purchased a new position in Serve Robotics in the fourth quarter valued at about $3,672,000.

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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