Serve Robotics Inc. (NASDAQ:SERV) Given Consensus Rating of "Buy" by Brokerages

Key Points

• Serve Robotics Inc. (NASDAQ:SERV) has received an average rating of "Buy" from six analysts, with a 1-year target price of $17.75.
• Insider sales have been notable, with significant transactions reported by Euan Abraham and CFO Brian Read, indicating a 4.62% and 2.66% decrease in their ownership, respectively.
• Despite a recent stock price increase of 2.9% to $10.80, the company reported a loss of $0.36 earnings per share, missing analysts' expectations.

Shares of Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) have received an average rating of "Buy" from the six brokerages that are presently covering the company, Marketbeat reports. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $17.75.

Several analysts have recently commented on the stock. Wedbush assumed coverage on shares of Serve Robotics in a report on Wednesday, August 27th. They issued an "outperform" rating and a $15.00 target price for the company. Cantor Fitzgerald assumed coverage on shares of Serve Robotics in a report on Thursday, May 22nd. They issued an "overweight" rating for the company. Singular Research upgraded shares of Serve Robotics to a "moderate buy" rating in a report on Tuesday, August 26th. Finally, Seaport Res Ptn downgraded shares of Serve Robotics from a "strong-buy" rating to a "hold" rating in a report on Monday, August 11th.

Serve Robotics Stock Performance

Shares of Serve Robotics stock traded up $0.64 during trading hours on Tuesday, reaching $11.31. The company's stock had a trading volume of 9,546,918 shares, compared to its average volume of 7,104,703. Serve Robotics has a one year low of $4.66 and a one year high of $24.35. The company has a market capitalization of $677.18 million, a P/E ratio of -9.86 and a beta of -0.19. The stock's fifty day simple moving average is $10.57 and its two-hundred day simple moving average is $9.21.

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 firm had revenue of $0.64 million during the quarter, compared to analysts' expectations of $0.63 million. Serve Robotics had a negative net margin of 3,726.00% and a negative return on equity of 36.47%. As a group, research analysts forecast that Serve Robotics will post -0.98 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Brian Read sold 7,175 shares of the stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $10.44, for a total value of $74,907.00. Following the completion of the sale, the chief financial officer owned 364,758 shares in the company, valued at $3,808,073.52. This represents a 1.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Touraj Parang sold 53,690 shares of the firm's stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $10.35, for a total transaction of $555,691.50. Following the sale, the chief operating officer owned 1,365,416 shares of the company's stock, valued at $14,132,055.60. This trade represents a 3.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 289,306 shares of company stock valued at $2,998,976 over the last 90 days. 5.50% of the stock is currently owned by company insiders.

Institutional Trading of Serve Robotics

Large investors have recently added to or reduced their stakes in the stock. Allworth Financial LP increased its holdings in Serve Robotics by 316.7% during the second quarter. Allworth Financial LP now owns 3,900 shares of the company's stock worth $45,000 after buying an additional 2,964 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in Serve Robotics during the first quarter worth about $49,000. KLP Kapitalforvaltning AS bought a new position in Serve Robotics during the first quarter worth about $49,000. Ameritas Investment Partners Inc. bought a new position in Serve Robotics during the second quarter worth about $55,000. Finally, Charles Schwab Investment Management Inc. boosted its position in Serve Robotics by 13.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 12,728 shares of the company's stock worth $73,000 after purchasing an additional 1,545 shares during the period.

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.