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

Shares of Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) gapped up before the market opened 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 Analyst Weigh In

Several brokerages recently commented on SERV. LADENBURG THALM/SH SH began coverage on shares of Serve Robotics in a research note on Monday, October 28th. They issued a "buy" rating and a $16.00 target price on the stock. Northland Securities lifted their price target on shares of Serve Robotics from $16.00 to $23.00 and gave the company an "outperform" rating in a report on Wednesday, January 15th. Northland Capmk upgraded Serve Robotics to a "strong-buy" rating in a report on Friday, October 18th. Finally, Seaport Res Ptn raised Serve Robotics to a "strong-buy" rating in a research note on Monday, October 7th. Two equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, Serve Robotics has a consensus rating of "Strong Buy" and an average price target of $19.50.

Serve Robotics Stock Up 5.7 %

The firm's 50 day moving average price is $14.09 and its 200-day moving average price is $11.09.

Serve Robotics (NASDAQ:SERV - Get Free Report) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.20) earnings per share (EPS) for the quarter, meeting the consensus estimate 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 analysts' expectations of $0.36 million. On average, research analysts forecast that Serve Robotics Inc. will post -0.98 EPS for the current year.

Insider Buying and Selling at Serve Robotics

In related news, CEO Ali Kashani sold 37,500 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $21.16, for a total value 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 represents a 1.15 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director James Buckly Jordan sold 64,408 shares of the stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $8.57, for a total transaction of $551,976.56. Following the completion of the sale, the director now directly owns 449,052 shares of the company's stock, valued at approximately $3,848,375.64. This trade represents a 12.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 253,027 shares of company stock worth $3,309,166. Company insiders own 21.40% of the company's stock.

Institutional Trading of Serve Robotics

Large investors have recently added to or reduced their stakes in the company. Larson Financial Group LLC purchased a new position in Serve Robotics in the third quarter worth about $26,000. Blue Trust Inc. purchased a new stake in shares of Serve Robotics during the fourth quarter valued at $27,000. Bfsg LLC bought a new position in Serve Robotics in the third quarter worth approximately $38,000. Gordian Capital Singapore Pte Ltd purchased a new position in Serve Robotics during the 3rd quarter worth $68,000. Finally, Quantum Private Wealth LLC bought a new stake in Serve Robotics during the 3rd quarter valued at $80,000.

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.