Swiss National Bank Invests $305,000 in Serve Robotics Inc. $SERV

Key Points

• The Swiss National Bank has invested approximately $305,000 in Serve Robotics Inc., acquiring 53,000 shares during the 1st quarter, representing 0.09% ownership of the company.
• Analysts have varied opinions on the stock, with an average rating of "Buy" and a target price of $17.75, although it has received both upgrades and downgrades from different research firms.
• Serve Robotics reported a quarterly earnings loss of ($0.36) EPS, missing expectations, and had a revenue of $0.64 million, slightly above consensus estimates.

Swiss National Bank bought a new position in shares of Serve Robotics Inc. (NASDAQ:SERV - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 53,000 shares of the company's stock, valued at approximately $305,000. Swiss National Bank owned about 0.09% of Serve Robotics at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SERV. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Serve Robotics during the first quarter worth about $49,000. KLP Kapitalforvaltning AS bought a new stake in shares of Serve Robotics in the 1st quarter valued at $49,000. Charles Schwab Investment Management Inc. grew its position 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 purchasing an additional 1,545 shares during the period. Arkadios Wealth Advisors purchased a new position in Serve Robotics during the 1st quarter worth $74,000. Finally, Phoenix Financial Ltd. purchased a new position in Serve Robotics during the 1st quarter worth $87,000.

Analysts Set New Price Targets

SERV has been the topic of several recent research reports. Cantor Fitzgerald began coverage on shares of Serve Robotics in a report on Thursday, May 22nd. They set an "overweight" rating on the stock. Singular Research raised Serve Robotics to a "moderate buy" rating in a research report on Tuesday. Wedbush started coverage on Serve Robotics in a research report on Wednesday. They set an "outperform" rating and a $15.00 price objective for the company. Finally, Seaport Res Ptn downgraded Serve Robotics from a "strong-buy" rating to a "hold" rating in a 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. According to MarketBeat, Serve Robotics has an average rating of "Buy" and an average target price of $17.75.

Serve Robotics Stock Performance

SERV stock traded down $0.36 during midday trading on Thursday, reaching $11.25. The company's stock had a trading volume of 8,588,630 shares, compared to its average volume of 5,636,650. The stock has a fifty day simple moving average of $10.64 and a two-hundred day simple moving average of $9.52. Serve Robotics Inc. has a 1 year low of $4.66 and a 1 year high of $24.35. The firm has a market capitalization of $673.65 million, a price-to-earnings ratio of -9.78 and a beta of -0.11.

Serve Robotics (NASDAQ:SERV - Get Free Report) last posted its quarterly earnings results 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 return on equity of 36.47% and a negative net margin of 3,726.00%.The firm had revenue of $0.64 million for the quarter, compared to the consensus estimate of $0.63 million. As a group, analysts forecast that Serve Robotics Inc. will post -0.98 EPS for the current fiscal year.

Insider Transactions at Serve Robotics

In related news, insider Anthony Armenta sold 2,915 shares of the business's stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $10.68, for a total value of $31,132.20. Following the sale, the insider owned 612,664 shares in the company, valued at approximately $6,543,251.52. The trade was a 0.47% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Brian Read sold 10,216 shares of the company's stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $9.82, for a total value of $100,321.12. Following the sale, the chief financial officer owned 373,263 shares in the company, valued at approximately $3,665,442.66. This trade represents a 2.66% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 54,398 shares of company stock valued at $573,223. Insiders own 5.50% of the company's stock.

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.