Serve Robotics (NASDAQ:SERV) Shares Gap Up – Still a Buy?

Serve Robotics Inc. (NASDAQ:SERV) shares gapped up prior to trading 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 changing hands.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Northland Capmk upgraded Serve Robotics to a “strong-buy” rating in a report on Friday, October 18th. Seaport Res Ptn raised Serve Robotics to a “strong-buy” rating in a research report on Monday, October 7th. LADENBURG THALM/SH SH started coverage on Serve Robotics in a research report on Monday, October 28th. They issued a “buy” rating and a $16.00 target price on the stock. Finally, 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 report on Wednesday, January 15th. Two equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Strong Buy” and an average price target of $19.50.

Serve Robotics Stock Performance

The business has a 50-day moving average price of $14.09 and a two-hundred day moving average price of $11.09.

Serve Robotics (NASDAQ:SERV) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.20) earnings per share for the quarter, hitting analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $0.36 million. As a group, research analysts forecast that Serve Robotics Inc. will post -0.98 EPS for the current fiscal year.

Insider Transactions at Serve Robotics

In related news, Director James Buckly Jordan sold 64,408 shares of the business’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $8.57, for a total transaction of $551,976.56. Following the completion of the transaction, the director now owns 449,052 shares in the company, valued at approximately $3,848,375.64. The trade was a 12.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 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 owns 1,163,439 shares of the company’s stock, valued at approximately $15,113,072.61. The trade was a 4.12 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 253,027 shares of company stock valued at $3,309,166. 21.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Serve Robotics

Several large investors have recently bought and sold shares of the stock. Yong Rong HK Asset Management Ltd acquired a new stake in shares of Serve Robotics during the third quarter worth about $9,636,000. Exchange Traded Concepts LLC acquired a new stake in shares of Serve Robotics during the fourth quarter worth about $9,066,000. Geode Capital Management LLC boosted its stake in shares of Serve Robotics by 128.1% during the third quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock worth $1,041,000 after buying an additional 73,496 shares during the period. Harbour Capital Advisors LLC boosted its stake in shares of Serve Robotics by 102.4% during the fourth quarter. Harbour Capital Advisors LLC now owns 50,365 shares of the company’s stock worth $680,000 after buying an additional 25,475 shares during the period. Finally, State Street Corp purchased a new position in Serve Robotics during the third quarter worth about $333,000.

Serve Robotics Company Profile

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.