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

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 . 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 trading hands.

Analyst Ratings Changes

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

Serve Robotics Trading Up 15.6%

The company has a market capitalization of $710.60 million, a price-to-earnings ratio of -10.38 and a beta of -0.11. The company's 50 day simple moving average is $10.62 and its 200-day simple moving average is $9.57.

Serve Robotics (NASDAQ:SERV - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.13). Serve Robotics had a negative net margin of 3,726.00% and a negative return on equity of 36.47%. The firm had revenue of $0.64 million for the quarter, compared to analysts' expectations of $0.63 million. Sell-side analysts anticipate that Serve Robotics Inc. will post -0.98 EPS for the current year.

Insider Transactions at Serve Robotics

In other Serve Robotics news, COO Touraj Parang sold 5,565 shares of Serve Robotics stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $10.64, for a total transaction of $59,211.60. Following the transaction, the chief operating officer owned 1,419,106 shares of the company's stock, valued at $15,099,287.84. The trade was a 0.39% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, 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 value of $100,321.12. Following the completion of the sale, the chief financial officer owned 373,263 shares of the company's stock, valued at approximately $3,665,442.66. This trade represents a 2.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 54,398 shares of company stock valued at $573,223 in the last quarter. 21.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Allworth Financial LP lifted its position in shares of Serve Robotics by 316.7% during the 2nd quarter. Allworth Financial LP now owns 3,900 shares of the company's stock valued at $45,000 after acquiring an additional 2,964 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Serve Robotics during the 1st quarter valued at about $49,000. KLP Kapitalforvaltning AS purchased a new stake in shares of Serve Robotics in the first quarter worth approximately $49,000. Ameritas Investment Partners Inc. bought a new position in shares of Serve Robotics in the second quarter valued at approximately $55,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Serve Robotics by 13.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 12,728 shares of the company's stock valued at $73,000 after acquiring an additional 1,545 shares in the last quarter.

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.

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