Serve Robotics (NASDAQ:SERV) Shares Gap Down – What’s Next?

Shares of Serve Robotics Inc. (NASDAQ:SERV) 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 trading hands.

Wall Street Analyst Weigh In

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

Serve Robotics Stock Performance

The company’s 50-day moving average price is $14.58 and its 200 day moving average price is $11.27.

Serve Robotics (NASDAQ:SERV) last posted its earnings results on Thursday, November 7th. The company reported ($0.20) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.20). Serve Robotics had a negative net margin of 1,972.12% and a negative return on equity of 184.60%. The firm had revenue of $0.22 million during the quarter, compared to analyst estimates of $0.36 million. On average, analysts anticipate that Serve Robotics Inc. will post -0.98 earnings per share for the current fiscal year.

Insider Transactions at Serve Robotics

In other Serve Robotics news, 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 transaction of $649,500.00. Following the completion of 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 position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 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 value of $793,500.00. Following the completion of the transaction, 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 position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 253,027 shares of company stock worth $3,309,166. Insiders own 21.40% of the company’s stock.

Institutional Trading of Serve Robotics

A number of institutional investors and hedge funds have recently made changes to their positions in SERV. Yong Rong HK Asset Management Ltd purchased a new stake in Serve Robotics in the 3rd quarter valued at $9,636,000. Exchange Traded Concepts LLC purchased a new position in shares of Serve Robotics in the fourth quarter valued at approximately $9,066,000. Geode Capital Management LLC grew its stake 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 worth $1,041,000 after acquiring an additional 73,496 shares in the last quarter. State Street Corp purchased a new position in shares of Serve Robotics in the 3rd quarter valued at about $333,000. Finally, Tidal Investments LLC acquired a new position in Serve Robotics during the 3rd quarter worth approximately $262,000.

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.