Cubist Systematic Strategies LLC Makes New $2.06 Million Investment in Serve Robotics Inc. $SERV

Key Points

• Cubist Systematic Strategies LLC acquired a new stake in Serve Robotics, purchasing 358,994 shares valued at approximately $2,064,000, representing about 0.63% of the company.
• Serve Robotics has faced financial challenges, reporting a loss of ($0.36) EPS for the last quarter, missing analyst estimates, with a negative return on equity of 36.47%.
• Despite its struggles, Serve Robotics has been upgraded by some analysts, with a current average rating of "Buy" and a projected price target of $17.75.

Cubist Systematic Strategies LLC purchased a new stake in Serve Robotics Inc. (NASDAQ:SERV - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 358,994 shares of the company's stock, valued at approximately $2,064,000. Cubist Systematic Strategies LLC owned about 0.63% of Serve Robotics at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SERV. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Serve Robotics in the 1st quarter valued at $49,000. KLP Kapitalforvaltning AS acquired a new stake in Serve Robotics in the 1st quarter valued at $49,000. Charles Schwab Investment Management Inc. increased its stake 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. Arkadios Wealth Advisors acquired a new stake in Serve Robotics in the 1st quarter valued at $74,000. Finally, Phoenix Financial Ltd. acquired a new stake in Serve Robotics in the 1st quarter valued at $87,000.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Cantor Fitzgerald assumed coverage on shares of Serve Robotics in a research report on Thursday, May 22nd. They issued an "overweight" rating for the company. Singular Research raised shares of Serve Robotics to a "moderate buy" rating in a research report on Tuesday, August 26th. Wedbush assumed coverage on shares of Serve Robotics in a research report on Wednesday, August 27th. They issued an "outperform" rating and a $15.00 price objective for the company. Finally, Seaport Res Ptn downgraded shares of Serve Robotics from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 11th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $17.75.

Insider Transactions at Serve Robotics

In other Serve Robotics news, CFO Brian Read sold 10,216 shares of the business's stock in a transaction dated Monday, August 25th. The shares were 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 $3,665,442.66. The trade was a 2.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Anthony Armenta sold 2,915 shares of the business's stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $10.68, for a total transaction of $31,132.20. Following the completion of the sale, the insider directly owned 612,664 shares of the company's stock, valued at $6,543,251.52. This represents a 0.47% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 53,103 shares of company stock worth $558,253. Company insiders own 5.50% of the company's stock.

Serve Robotics Stock Performance

Shares of SERV stock traded up $0.06 during midday trading on Friday, hitting $10.00. 3,350,857 shares of the company were exchanged, compared to its average volume of 6,169,899. The firm has a market capitalization of $598.80 million, a P/E ratio of -8.70 and a beta of -0.19. The firm's 50 day moving average price is $10.60 and its two-hundred day moving average price is $9.22. Serve Robotics Inc. has a 52 week low of $4.66 and a 52 week high of $24.35.

Serve Robotics (NASDAQ:SERV - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.13). The company had revenue of $0.64 million for the quarter, compared to the consensus estimate of $0.63 million. Serve Robotics had a negative return on equity of 36.47% and a negative net margin of 3,726.00%. Analysts expect that Serve Robotics Inc. will post -0.98 EPS for the current year.

Serve Robotics 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.