Serve Robotics (NASDAQ:SERV) Shares Gap Down – Time to Sell?

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 changing hands.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on SERV. Northland Capmk upgraded Serve Robotics to a “strong-buy” rating in a research note on Friday, October 18th. LADENBURG THALM/SH SH started coverage on Serve Robotics in a report on Monday, October 28th. They set a “buy” rating and a $16.00 price objective for the company. 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 report on Wednesday, January 15th. Finally, Seaport Res Ptn raised Serve Robotics to a “strong-buy” rating in a research note on Monday, October 7th. Two investment analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Strong Buy” and a consensus price target of $19.50.

Serve Robotics Trading Down 8.2 %

The company has a 50-day moving average of $14.27 and a two-hundred day moving average of $11.20.

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

Insider Buying and Selling

In related news, COO Touraj Parang sold 50,000 shares of the firm’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $12.99, for a total value of $649,500.00. Following the transaction, the chief operating officer now owns 1,163,439 shares of the company’s stock, valued at $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 is accessible through the SEC website. 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 transaction 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 trade represents a 1.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 253,027 shares of company stock valued at $3,309,166. Company insiders own 21.40% of the company’s stock.

Institutional Trading of Serve Robotics

Several institutional investors and hedge funds have recently modified their holdings of SERV. State Street Corp purchased a new position in Serve Robotics during the 3rd quarter worth $333,000. Exchange Traded Concepts LLC purchased a new position in shares of Serve Robotics during the fourth quarter valued at $9,066,000. Geode Capital Management LLC raised its holdings 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 valued at $1,041,000 after acquiring an additional 73,496 shares in the last quarter. Atomi Financial Group Inc. purchased a new stake in Serve Robotics in the fourth quarter worth about $209,000. Finally, Yong Rong HK Asset Management Ltd purchased a new position in Serve Robotics during the 3rd quarter valued at about $9,636,000.

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.