Serve Robotics (NASDAQ:SERV) Shares Gap Down - Time to Sell?

Shares of Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) gapped down prior to trading on Wednesday . The stock had previously closed at $17.51, but opened at $17.05. Serve Robotics shares last traded at $17.29, with a volume of 926,179 shares changing hands.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on SERV. Northland Capmk upgraded Serve Robotics to a "strong-buy" rating in a research note on Friday, October 18th. LADENBURG THALM/SH SH started coverage on Serve Robotics in a report on Monday, October 28th. They set a "buy" rating and a $16.00 price objective for the company. Northland Securities boosted their price objective on shares of Serve Robotics from $16.00 to $23.00 and gave the stock an "outperform" rating in a report on Wednesday, January 15th. Finally, Seaport Res Ptn raised Serve Robotics to a "strong-buy" rating in a research note on Monday, October 7th. Two investment analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Strong Buy" and a consensus price target of $19.50.

Serve Robotics Trading Down 8.2 %

The company has a 50-day moving average of $14.27 and a two-hundred day moving average of $11.20.

Serve Robotics (NASDAQ:SERV - Get Free Report) last posted its earnings results on Thursday, November 7th. The company reported ($0.20) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.20). The firm had revenue of $0.22 million for the quarter, compared to the consensus estimate of $0.36 million. Serve Robotics had a negative net margin of 1,972.12% and a negative return on equity of 184.60%. As a group, equities analysts anticipate that Serve Robotics Inc. will post -0.98 EPS for the current fiscal year.

Insider Buying and Selling

In related news, COO Touraj Parang sold 50,000 shares of the firm's stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $12.99, for a total value of $649,500.00. Following the transaction, the chief operating officer now owns 1,163,439 shares of the company's stock, valued at $15,113,072.61. This trade represents a 4.12 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Ali Kashani sold 37,500 shares of the business's stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $21.16, for a total transaction of $793,500.00. Following the completion of the sale, the chief executive officer now directly owns 3,230,990 shares of the company's stock, valued at approximately $68,367,748.40. This trade represents a 1.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 253,027 shares of company stock valued at $3,309,166. Company insiders own 21.40% of the company's stock.

Institutional Trading of Serve Robotics

Several institutional investors and hedge funds have recently modified their holdings of SERV. State Street Corp purchased a new position in Serve Robotics during the 3rd quarter worth $333,000. Exchange Traded Concepts LLC purchased a new position in shares of Serve Robotics during the fourth quarter valued at $9,066,000. Geode Capital Management LLC raised its holdings in shares of Serve Robotics by 128.1% in the third quarter. Geode Capital Management LLC now owns 130,853 shares of the company's stock valued at $1,041,000 after acquiring an additional 73,496 shares in the last quarter. Atomi Financial Group Inc. purchased a new stake in Serve Robotics in the fourth quarter worth about $209,000. Finally, Yong Rong HK Asset Management Ltd purchased a new position in Serve Robotics during the 3rd quarter valued at about $9,636,000.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.