Serve Robotics (NASDAQ:SERV) Shares Gap Up Following Analyst Upgrade

Key Points

• Serve Robotics shares opened at $10.91 after previously closing at $10.27, and last traded at $12.03, indicating a significant interest with over 11 million shares exchanged.
• Several research firms have issued positive ratings on Serve Robotics, with an average target price of $17.75, while Wedbush set a price target of $15.00.
• The company reported a quarterly EPS of ($0.36), missing expectations, and had a negative net margin of 3,726.00%, highlighting ongoing financial challenges.

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) gapped up prior to trading on Wednesday after Singular Research upgraded the stock to a moderate buy rating. The stock had previously closed at $10.27, but opened at $10.91. Serve Robotics shares last traded at $12.03, with a volume of 11,230,514 shares changing hands.

Several other equities research analysts also recently commented on SERV. Seaport Res Ptn downgraded Serve Robotics from a "strong-buy" rating to a "hold" rating in a report on Monday, August 11th. Wedbush assumed coverage on Serve Robotics in a report on Wednesday. They issued an "outperform" rating and a $15.00 price objective for the company. Finally, Cantor Fitzgerald initiated coverage on Serve Robotics in a report on Thursday, May 22nd. They issued an "overweight" rating for the company. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $17.75.

Insider Buying and Selling at Serve Robotics

In related news, CFO Brian Read sold 10,216 shares of the business's stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $9.82, for a total transaction of $100,321.12. Following the transaction, the chief financial officer directly owned 373,263 shares of the company's stock, valued at approximately $3,665,442.66. The trade was a 2.66% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Touraj Parang sold 5,565 shares of Serve Robotics stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $10.64, for a total value of $59,211.60. Following the sale, the chief operating officer directly owned 1,419,106 shares of the company's stock, valued at approximately $15,099,287.84. The trade was a 0.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 53,103 shares of company stock worth $558,253 in the last three months. 5.50% of the stock is owned by insiders.

Institutional Trading of Serve Robotics

Several hedge funds have recently added to or reduced their stakes in the company. Total Investment Management Inc. acquired a new stake in Serve Robotics during the 2nd quarter worth approximately $76,000. Advisory Services Network LLC acquired a new stake in Serve Robotics during the 2nd quarter worth approximately $499,000. Headlands Technologies LLC lifted its holdings in Serve Robotics by 58,553.6% during the 2nd quarter. Headlands Technologies LLC now owns 16,423 shares of the company's stock worth $188,000 after purchasing an additional 16,395 shares during the last quarter. Tower Research Capital LLC TRC lifted its holdings in Serve Robotics by 2,385.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 27,412 shares of the company's stock worth $314,000 after purchasing an additional 26,309 shares during the last quarter. Finally, Captrust Financial Advisors lifted its holdings in Serve Robotics by 16.5% during the 2nd quarter. Captrust Financial Advisors now owns 479,347 shares of the company's stock worth $5,484,000 after purchasing an additional 67,770 shares during the last quarter.

Serve Robotics Stock Performance

The firm has a market capitalization of $664.69 million, a price-to-earnings ratio of -9.65 and a beta of -0.11. The company has a fifty day moving average of $10.66 and a two-hundred day moving average of $9.39.

Serve Robotics (NASDAQ:SERV - Get Free Report) last released 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 firm had revenue of $0.64 million for the quarter, compared to analyst estimates of $0.63 million. Serve Robotics had a negative return on equity of 36.47% and a negative net margin of 3,726.00%. Equities analysts forecast that Serve Robotics Inc. will post -0.98 EPS for the current year.

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.