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

Serve Robotics Inc. (NASDAQ:SERV) gapped up before the market opened on Tuesday . The stock had previously closed at $16.57, but opened at $17.48. Serve Robotics shares last traded at $16.97, with a volume of 1,489,356 shares.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on SERV. Seaport Res Ptn upgraded Serve Robotics to a “strong-buy” rating in a report on Monday, October 7th. LADENBURG THALM/SH SH started coverage on Serve Robotics in a research note on Monday, October 28th. They issued a “buy” rating and a $16.00 price objective for the company. Northland Capmk raised Serve Robotics to a “strong-buy” rating in a research note on Friday, October 18th. Finally, Northland Securities upped their target price on Serve Robotics from $16.00 to $23.00 and gave the company an “outperform” rating in a report on Wednesday, January 15th. Two research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Strong Buy” and an average target price of $19.50.

Serve Robotics Trading Down 8.0 %

The company has a fifty day moving average of $14.42 and a 200-day moving average of $11.24.

Serve Robotics (NASDAQ:SERV) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.20) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.20). Serve Robotics had a negative return on equity of 184.60% and a negative net margin of 1,972.12%. The business had revenue of $0.22 million during the quarter, compared to analyst estimates of $0.36 million. As a group, analysts predict that Serve Robotics Inc. will post -0.98 EPS for the current year.

Insider Transactions at Serve Robotics

In other news, Director James Buckly Jordan sold 64,408 shares of the stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $8.57, for a total transaction of $551,976.56. Following the transaction, the director now owns 449,052 shares of the company’s stock, valued at approximately $3,848,375.64. This represents a 12.54 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Ali Kashani sold 9,719 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $8.77, for a total value of $85,235.63. Following the completion of the sale, the chief executive officer now owns 3,355,238 shares of the company’s stock, valued at approximately $29,425,437.26. This trade represents a 0.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 253,027 shares of company stock worth $3,309,166 in the last 90 days. 21.40% of the stock is owned by insiders.

Institutional Trading of Serve Robotics

Several large investors have recently modified their holdings of the company. Bfsg LLC acquired a new position in Serve Robotics during the 3rd quarter worth $38,000. Harbour Capital Advisors LLC acquired a new position in shares of Serve Robotics during the 3rd quarter worth about $198,000. Yong Rong HK Asset Management Ltd bought a new stake in Serve Robotics during the 3rd quarter valued at approximately $9,636,000. Quantum Private Wealth LLC acquired a new stake in Serve Robotics in the 3rd quarter valued at approximately $80,000. Finally, GSA Capital Partners LLP bought a new position in Serve Robotics in the 3rd quarter worth approximately $152,000.

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.