Serve Robotics (NASDAQ:SERV) Shares Gap Up - Should You Buy?

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s stock price 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.

Wall Street Analyst Weigh In

SERV has been the topic of a number of analyst reports. LADENBURG THALM/SH SH initiated coverage on Serve Robotics in a report on Monday, October 28th. They issued a "buy" rating and a $16.00 price target on the stock. Northland Capmk upgraded shares of Serve Robotics to a "strong-buy" rating in a report on Friday, October 18th. Seaport Res Ptn upgraded shares of Serve Robotics to a "strong-buy" rating in a report on Monday, October 7th. Finally, 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 research note on Wednesday, January 15th. Two equities research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Strong Buy" and a consensus price target of $19.50.

Serve Robotics Stock Up 1.4 %

The stock's 50 day moving average is $14.42 and its two-hundred day moving average is $11.24.

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

Insiders Place Their Bets

In related news, CEO Ali Kashani sold 37,500 shares of the stock in a transaction on 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 owns 3,230,990 shares in the company, valued at $68,367,748.40. This represents a 1.15 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Touraj Parang sold 50,000 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $12.99, for a total value of $649,500.00. Following the transaction, the chief operating officer now directly owns 1,163,439 shares of the company's stock, valued at approximately $15,113,072.61. This trade represents a 4.12 % 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 ninety days. 21.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Serve Robotics

A number of large investors have recently made changes to their positions in SERV. Bfsg LLC purchased a new position in Serve Robotics in the 3rd quarter valued at approximately $38,000. Harbour Capital Advisors LLC purchased a new position in shares of Serve Robotics in the third quarter valued at $198,000. Yong Rong HK Asset Management Ltd acquired a new position in shares of Serve Robotics during the 3rd quarter worth $9,636,000. Quantum Private Wealth LLC purchased a new stake in shares of Serve Robotics in the 3rd quarter worth about $80,000. Finally, GSA Capital Partners LLP acquired a new stake in Serve Robotics in the 3rd quarter valued at about $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.