EntryPoint Capital LLC Buys New Stake in Serve Robotics Inc. $SERV

Key Points

• EntryPoint Capital LLC has acquired a new stake in Serve Robotics Inc., purchasing 62,261 shares valued at approximately $358,000.
• Serve Robotics reported a loss of ($0.36) earnings per share in its recent earnings announcement, missing analysts' expectations by ($0.13).
• The company's stock has seen significant recent activity, with various institutional investors increasing their stakes, including Wells Fargo, which raised its investment by 294.0%.

EntryPoint Capital LLC acquired a new position in Serve Robotics Inc. (NASDAQ:SERV - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 62,261 shares of the company's stock, valued at approximately $358,000. EntryPoint Capital LLC owned 0.11% of Serve Robotics as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd bought a new stake in Serve Robotics during the 1st quarter worth approximately $146,000. Virtu Financial LLC raised its stake in Serve Robotics by 71.5% during the 1st quarter. Virtu Financial LLC now owns 59,054 shares of the company's stock worth $340,000 after acquiring an additional 24,614 shares during the period. Swiss National Bank bought a new stake in Serve Robotics during the 1st quarter worth approximately $305,000. Charles Schwab Investment Management Inc. raised its stake in Serve Robotics by 13.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 12,728 shares of the company's stock worth $73,000 after acquiring an additional 1,545 shares during the period. Finally, Arkadios Wealth Advisors bought a new stake in Serve Robotics during the 1st quarter worth approximately $74,000.

Insider Activity

In related news, COO Touraj Parang sold 5,565 shares of the firm's stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $10.64, for a total value of $59,211.60. Following the completion of the transaction, the chief operating officer directly owned 1,419,106 shares of the company's stock, valued at approximately $15,099,287.84. This trade represents a 0.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Anthony Armenta sold 2,915 shares of the firm's stock in a transaction on 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 transaction, the insider directly owned 612,664 shares of the company's stock, valued at approximately $6,543,251.52. This trade represents a 0.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 42,182 shares of company stock valued at $459,302. Company insiders own 5.50% of the company's stock.

Serve Robotics Stock Performance

Shares of Serve Robotics stock traded up $0.46 on Friday, hitting $9.71. 3,963,677 shares of the company traded hands, compared to its average volume of 4,591,472. The stock has a market capitalization of $581.43 million, a P/E ratio of -8.44 and a beta of -0.11. Serve Robotics Inc. has a 52 week low of $4.66 and a 52 week high of $24.35. The business has a 50-day simple moving average of $10.67 and a 200 day simple moving average of $9.68.

Serve Robotics (NASDAQ:SERV - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported ($0.36) earnings per share (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 net margin of 3,726.00% and a negative return on equity of 36.47%. Research analysts expect that Serve Robotics Inc. will post -0.98 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on SERV shares. Seaport Res Ptn cut shares of Serve Robotics from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 11th. Cantor Fitzgerald started coverage on shares of Serve Robotics in a research note on Thursday, May 22nd. They set an "overweight" rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $18.67.

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.