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

by · The Cerbat Gem

Shares of Serve Robotics Inc. (NASDAQ:SERV – Get Free Report) gapped up before the market opened on Thursday . The stock had previously closed at $9.55, but opened at $10.35. Serve Robotics shares last traded at $10.2060, with a volume of 1,498,718 shares traded.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Oppenheimer assumed coverage on Serve Robotics in a research note on Thursday. They issued an “outperform” rating and a $20.00 price target for the company. Singular Research upgraded shares of Serve Robotics to a “moderate buy” rating in a report on Tuesday, August 26th. Wedbush initiated coverage on shares of Serve Robotics in a research note on Wednesday, August 27th. They issued an “outperform” rating and a $15.00 target price for the company. Citigroup restated an “outperform” rating on shares of Serve Robotics in a research note on Monday, October 13th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Serve Robotics in a report on Monday. Five analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $19.50.

Check Out Our Latest Stock Report on Serve Robotics

Serve Robotics Trading Up 7.1%

The business’s 50-day simple moving average is $12.10 and its 200-day simple moving average is $11.53. The company has a market capitalization of $761.78 million, a PE ratio of -6.86 and a beta of -0.14.

Serve Robotics (NASDAQ:SERV – Get Free Report) last released its quarterly earnings data on Wednesday, November 12th. The company reported ($0.54) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.37) by ($0.17). The business had revenue of $0.69 million during 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%. Sell-side analysts forecast that Serve Robotics Inc. will post -0.98 EPS for the current fiscal year.

Insiders Place Their Bets

In other Serve Robotics news, General Counsel Evan Dunn sold 20,458 shares of the business’s stock in a transaction that occurred on Tuesday, October 7th. The stock was sold at an average price of $15.09, for a total value of $308,711.22. Following the completion of the transaction, the general counsel directly owned 210,309 shares of the company’s stock, valued at approximately $3,173,562.81. The trade was a 8.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Ali Kashani sold 16,730 shares of the company’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $11.87, for a total value of $198,585.10. Following the completion of the sale, the chief executive officer owned 3,374,862 shares in the company, valued at approximately $40,059,611.94. This represents a 0.49% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 255,895 shares of company stock worth $3,270,304. 5.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Serve Robotics

Several large investors have recently made changes to their positions in SERV. Farther Finance Advisors LLC purchased a new position in Serve Robotics in the third quarter valued at $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 position in shares of Serve Robotics by 166.8% during the 3rd quarter. SBI Securities Co. Ltd. now owns 4,218 shares of the company’s stock valued at $49,000 after acquiring an additional 2,637 shares during the period. Ameritas Investment Partners Inc. purchased a new position in shares of Serve Robotics in the 2nd quarter valued at about $55,000. Finally, Russell Investments Group Ltd. acquired a new position in Serve Robotics in the 3rd quarter worth about $59,000.

About Serve Robotics

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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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