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

Serve Robotics Inc. (NASDAQ:SERV)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $9.55, but opened at $10.35. Serve Robotics shares last traded at $10.2060, with a volume of 1,498,718 shares trading hands.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Citigroup reissued an “outperform” rating on shares of Serve Robotics in a report on Monday, October 13th. Oppenheimer started coverage on shares of Serve Robotics in a research note on Thursday. They issued an “outperform” rating and a $20.00 price target on the stock. Wedbush assumed coverage on Serve Robotics in a report on Wednesday, August 27th. They issued an “outperform” rating and a $15.00 price objective on the stock. Northland Securities set a $26.00 target price on Serve Robotics in a report on Monday, October 13th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Serve Robotics in a research note on Monday, November 17th. Five investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Serve Robotics currently has an average rating of “Moderate Buy” and a consensus target price of $19.50.

Serve Robotics Stock Performance

The firm has a market capitalization of $761.78 million, a PE ratio of -6.86 and a beta of -0.14. The stock’s 50 day simple moving average is $12.10 and its two-hundred day simple moving average is $11.53.

Serve Robotics (NASDAQ:SERV) last posted its quarterly earnings results on Wednesday, November 12th. The company reported ($0.54) EPS for the quarter, missing the consensus estimate of ($0.37) by ($0.17). Serve Robotics had a negative net margin of 4,121.58% and a negative return on equity of 38.52%. The company had revenue of $0.69 million during the quarter, compared to analyst estimates of $0.69 million. Equities research analysts expect that Serve Robotics Inc. will post -0.98 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Anthony Armenta sold 5,003 shares of the business’s stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $11.96, for a total transaction of $59,835.88. Following the transaction, the insider owned 555,034 shares of the company’s stock, valued at approximately $6,638,206.64. The trade was a 0.89% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Touraj Parang sold 5,000 shares of the firm’s stock in a transaction dated Friday, December 12th. The stock was sold at an average price of $13.07, for a total transaction of $65,350.00. Following the sale, the chief operating officer owned 1,333,691 shares of the company’s stock, valued at approximately $17,431,341.37. The trade was a 0.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 255,895 shares of company stock valued at $3,270,304 over the last 90 days. Insiders own 5.50% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. grew its position in Serve Robotics by 13.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 12,728 shares of the company’s stock worth $73,000 after acquiring an additional 1,545 shares during the period. Swiss National Bank acquired a new position in shares of Serve Robotics in the 1st quarter valued at $305,000. EntryPoint Capital LLC purchased a new position in shares of Serve Robotics during the 1st quarter worth $358,000. Capital Fund Management S.A. acquired a new stake in shares of Serve Robotics during the 1st quarter worth about $4,244,000. Finally, PEAK6 LLC raised its holdings in Serve Robotics by 377.7% in the 1st quarter. PEAK6 LLC now owns 15,314 shares of the company’s stock valued at $88,000 after buying an additional 20,829 shares during the period.

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.