Serve Robotics (NASDAQ:SERV) Shares Gap Down – Time to Sell?

Serve Robotics Inc. (NASDAQ:SERV)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $17.51, but opened at $17.05. Serve Robotics shares last traded at $17.29, with a volume of 926,179 shares trading hands.

Analyst Ratings Changes

Several research analysts have recently weighed in on SERV shares. Northland Securities boosted their price target on shares of Serve Robotics from $16.00 to $23.00 and gave the company an “outperform” rating in a research report on Wednesday, January 15th. Northland Capmk raised Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. LADENBURG THALM/SH SH initiated coverage on shares of Serve Robotics in a research report on Monday, October 28th. They issued a “buy” rating and a $16.00 target price on the stock. Finally, Seaport Res Ptn upgraded shares of Serve Robotics to a “strong-buy” rating in a research report on Monday, October 7th. Two equities research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Strong Buy” and a consensus target price of $19.50.

Serve Robotics Trading Down 8.2 %

The business has a fifty day moving average of $14.27 and a 200 day moving average of $11.20.

Serve Robotics (NASDAQ:SERV) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.20) EPS for the quarter, meeting the consensus estimate of ($0.20). Serve Robotics had a negative net margin of 1,972.12% and a negative return on equity of 184.60%. The business had revenue of $0.22 million during the quarter, compared to analyst estimates of $0.36 million. As a group, equities analysts anticipate that Serve Robotics Inc. will post -0.98 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Ali Kashani sold 37,500 shares of the business’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $21.16, for a total transaction of $793,500.00. Following the completion of the transaction, the chief executive officer now directly owns 3,230,990 shares of the company’s stock, valued at approximately $68,367,748.40. The trade was a 1.15 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director James Buckly Jordan sold 64,408 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $8.57, for a total transaction of $551,976.56. Following the completion of the sale, the director now directly owns 449,052 shares in the company, valued at approximately $3,848,375.64. This trade represents a 12.54 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 253,027 shares of company stock worth $3,309,166 over the last 90 days. Corporate insiders own 21.40% of the company’s stock.

Hedge Funds Weigh In On Serve Robotics

A number of institutional investors and hedge funds have recently modified their holdings of the company. Blue Trust Inc. purchased a new stake in Serve Robotics during the fourth quarter worth approximately $27,000. Larson Financial Group LLC acquired a new stake in shares of Serve Robotics during the third quarter worth about $26,000. Bfsg LLC purchased a new stake in shares of Serve Robotics in the 3rd quarter valued at about $38,000. SG Americas Securities LLC acquired a new stake in shares of Serve Robotics in the 4th quarter valued at about $114,000. Finally, Gordian Capital Singapore Pte Ltd purchased a new position in Serve Robotics during the 3rd quarter worth approximately $68,000.

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.