Serve Robotics (NASDAQ:SERV) Shares Gap Up - What's Next?

Key Points

• Serve Robotics Inc. shares gapped up significantly from $13.75 to $15.11 before last trading at $16.64, with a substantial volume of 17,879,467 shares.
• Multiple analysts have given varying ratings for SERV, with the average rating being "Moderate Buy" and a price target of $17.75, despite a sell rating from Weiss Ratings.
• The company reported a quarterly EPS of ($0.36), missing estimates, while having a negative return on equity of 36.47% and negative net margin of 3,726.00%.

Shares of Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) gapped up before the market opened on Thursday . The stock had previously closed at $13.75, but opened at $15.11. Serve Robotics shares last traded at $16.64, with a volume of 17,879,467 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on SERV shares. Seaport Res Ptn cut Serve Robotics from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 11th. Singular Research raised Serve Robotics to a "moderate buy" rating in a research report on Tuesday, August 26th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Serve Robotics in a research report on Wednesday. Finally, Wedbush assumed coverage on Serve Robotics in a research report on Wednesday, August 27th. They set an "outperform" rating and a $15.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Serve Robotics currently has an average rating of "Moderate Buy" and an average price target of $17.75.

Serve Robotics Stock Performance

The stock has a fifty day moving average of $11.26 and a 200 day moving average of $9.85. The company has a market capitalization of $1.06 billion, a PE ratio of -15.37 and a beta of -0.70.

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

Insiders Place Their Bets

In other Serve Robotics news, COO Touraj Parang sold 4,825 shares of Serve Robotics stock in a transaction that occurred on Tuesday, October 7th. The stock was sold at an average price of $15.25, for a total value of $73,581.25. Following the sale, the chief operating officer owned 1,360,591 shares of the company's stock, valued at $20,749,012.75. The trade was a 0.35% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, General Counsel Evan Dunn sold 20,458 shares of Serve Robotics stock in a transaction that occurred on Tuesday, October 7th. The stock was sold at an average price of $15.09, for a total value of $308,711.22. Following the completion of the sale, the general counsel directly owned 210,309 shares in the company, valued at approximately $3,173,562.81. The trade was a 8.87% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 365,102 shares of company stock worth $4,134,977. Insiders own 5.50% of the company's stock.

Institutional Trading of Serve Robotics

Large investors have recently added to or reduced their stakes in the company. Exchange Traded Concepts LLC increased its position in shares of Serve Robotics by 31.4% during the 1st quarter. Exchange Traded Concepts LLC now owns 882,522 shares of the company's stock valued at $5,075,000 after purchasing an additional 210,977 shares during the last quarter. Capital Fund Management S.A. bought a new position in shares of Serve Robotics during the 1st quarter valued at approximately $4,244,000. Virtu Financial LLC increased its position in shares of Serve Robotics by 71.5% during the 1st quarter. Virtu Financial LLC now owns 59,054 shares of the company's stock valued at $340,000 after purchasing an additional 24,614 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Serve Robotics by 616.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 679,014 shares of the company's stock valued at $3,972,000 after purchasing an additional 584,302 shares during the last quarter. Finally, Cubist Systematic Strategies LLC bought a new position in shares of Serve Robotics during the 1st quarter valued at approximately $2,064,000.

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.

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