Serve Robotics (NASDAQ:SERV) Shares Gap Up – Time to Buy?

Shares of Serve Robotics Inc. (NASDAQ:SERV) gapped up before the market opened on Tuesday . The stock had previously closed at $13.75, but opened at $14.48. Serve Robotics shares last traded at $14.04, with a volume of 5,455,533 shares.

Wall Street Analysts Forecast Growth

SERV has been the topic of several analyst reports. Singular Research upgraded Serve Robotics to a “moderate buy” rating in a report on Tuesday, August 26th. Wedbush initiated coverage on Serve Robotics in a research report on Wednesday, August 27th. They set an “outperform” rating and a $15.00 price objective for the company. Finally, Seaport Res Ptn lowered Serve Robotics from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $17.75.

Serve Robotics Stock Down 5.1%

The business has a 50-day moving average price of $10.88 and a 200-day moving average price of $9.42. The company has a market capitalization of $781.67 million, a price-to-earnings ratio of -11.41 and a beta of -0.16.

Serve Robotics (NASDAQ:SERV) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.13). The business had revenue of $0.64 million for the quarter, compared to analyst estimates of $0.63 million. Serve Robotics had a negative net margin of 3,726.00% and a negative return on equity of 36.47%. As a group, sell-side analysts predict that Serve Robotics Inc. will post -0.98 EPS for the current year.

Insider Buying and Selling at Serve Robotics

In related news, COO Touraj Parang sold 53,690 shares of the business’s stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $10.35, for a total transaction of $555,691.50. Following the completion of the transaction, the chief operating officer owned 1,365,416 shares of the company’s stock, valued at approximately $14,132,055.60. The trade was a 3.78% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ali Kashani sold 164,735 shares of the business’s stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $10.33, for a total value of $1,701,712.55. Following the transaction, the chief executive officer directly owned 3,434,002 shares of the company’s stock, valued at $35,473,240.66. This represents a 4.58% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 320,299 shares of company stock worth $3,464,277 in the last ninety days. 21.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Serve Robotics

Several large investors have recently added to or reduced their stakes in SERV. Charles Schwab Investment Management Inc. boosted its position in Serve Robotics by 13.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 12,728 shares of the company’s stock valued at $73,000 after buying an additional 1,545 shares during the last quarter. Creative Planning lifted its stake in shares of Serve Robotics by 25.9% in the 2nd quarter. Creative Planning now owns 12,923 shares of the company’s stock valued at $148,000 after purchasing an additional 2,655 shares during the period. Allworth Financial LP lifted its stake in shares of Serve Robotics by 316.7% in the 2nd quarter. Allworth Financial LP now owns 3,900 shares of the company’s stock valued at $45,000 after purchasing an additional 2,964 shares during the period. Brevan Howard Capital Management LP lifted its stake in shares of Serve Robotics by 34.6% in the 2nd quarter. Brevan Howard Capital Management LP now owns 14,400 shares of the company’s stock valued at $165,000 after purchasing an additional 3,699 shares during the period. Finally, Jefferies Financial Group Inc. lifted its stake in shares of Serve Robotics by 30.3% in the 4th quarter. Jefferies Financial Group Inc. now owns 17,200 shares of the company’s stock valued at $232,000 after purchasing an additional 4,000 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.