Serve Robotics (NASDAQ:SERV) Shares Gap Down - Here's Why

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) gapped down before the market opened 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 trading hands.

Wall Street Analyst Weigh In

Several brokerages have recently commented on SERV. Northland Capmk raised 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 report on Monday, October 7th. 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. Finally, LADENBURG THALM/SH SH initiated 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. Two equities research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Strong Buy" and a consensus target price of $19.50.

Serve Robotics Price Performance

The firm has a 50 day moving average of $14.74 and a 200-day moving average of $11.50.

Serve Robotics (NASDAQ:SERV - Get Free Report) last posted its quarterly earnings results 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 company had revenue of $0.22 million during the quarter, compared to the consensus estimate of $0.36 million. As a group, analysts predict that Serve Robotics Inc. will post -0.98 earnings per share 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, COO Touraj Parang sold 50,000 shares of the firm's stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $12.99, for a total value of $649,500.00. Following the completion of the sale, the chief operating officer now directly owns 1,163,439 shares in the company, valued at $15,113,072.61. This trade represents a 4.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 253,027 shares of company stock valued at $3,309,166 in the last three months. Corporate insiders own 21.40% of the company's stock.

Institutional Trading of Serve Robotics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SERV. Larson Financial Group LLC acquired a new stake in Serve Robotics in the 3rd quarter valued at approximately $26,000. Blue Trust Inc. acquired a new stake in Serve Robotics in the 4th quarter valued at approximately $27,000. Bogart Wealth LLC acquired a new stake in shares of Serve Robotics during the 4th quarter worth approximately $37,000. Bfsg LLC acquired a new stake in shares of Serve Robotics during the 3rd quarter worth approximately $38,000. Finally, Gordian Capital Singapore Pte Ltd acquired a new stake in shares of Serve Robotics during the 3rd quarter worth approximately $68,000.

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.