Serve Robotics (NASDAQ:SERV) Shares Gap Up – Still a Buy?

Serve Robotics Inc. (NASDAQ:SERV) 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.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Northland Capmk raised shares of Serve Robotics to a “strong-buy” rating in a report on Friday, October 18th. LADENBURG THALM/SH SH assumed coverage on shares of Serve Robotics in a report on Monday, October 28th. They issued a “buy” rating and a $16.00 target price for the company. Northland Securities increased their target price 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. Finally, Seaport Res Ptn raised shares of Serve Robotics to a “strong-buy” rating in a report on Monday, October 7th. Two research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Strong Buy” and an average price target of $19.50.

Serve Robotics Stock Performance

The stock’s 50 day moving average price is $14.09 and its two-hundred day moving average price is $11.09.

Serve Robotics (NASDAQ:SERV) last issued its quarterly earnings data 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 net margin of 1,972.12% and a negative return on equity of 184.60%. The business had revenue of $0.22 million during the quarter, compared to analysts’ expectations of $0.36 million. As a group, research analysts predict that Serve Robotics Inc. will post -0.98 earnings per share for the current year.

Insider Transactions at Serve Robotics

In related news, Director James Buckly Jordan sold 64,408 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $8.57, for a total transaction of $551,976.56. Following the sale, the director now owns 449,052 shares in the company, valued at approximately $3,848,375.64. This trade represents a 12.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ali Kashani sold 9,719 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $8.77, for a total transaction of $85,235.63. Following the sale, the chief executive officer now owns 3,355,238 shares in the company, valued at approximately $29,425,437.26. This trade represents a 0.29 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 253,027 shares of company stock valued at $3,309,166 in the last ninety days. Corporate insiders own 21.40% of the company’s stock.

Institutional Trading of Serve Robotics

Hedge funds have recently bought and sold shares of the company. Larson Financial Group LLC acquired a new position in shares of Serve Robotics in the 3rd quarter valued at $26,000. Blue Trust Inc. acquired a new position in shares of Serve Robotics in the 4th quarter valued at $27,000. Bfsg LLC acquired a new position in shares of Serve Robotics in the 3rd quarter valued at $38,000. Gordian Capital Singapore Pte Ltd acquired a new position in shares of Serve Robotics in the 3rd quarter valued at $68,000. Finally, Quantum Private Wealth LLC acquired a new position in shares of Serve Robotics in the 3rd quarter valued at $80,000.

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.