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

Key Points

• Serve Robotics Inc. has received a consensus rating of "Moderate Buy" from seven brokerages, with a range of recommendations from sell to strong buy.
• The average 12-month price target among analysts for Serve Robotics is $17.75, indicating potential growth based on current trading levels.
• Recent insider trading shows significant sales by CFO Brian Read and COO Touraj Parang, reflecting a total of over $600,000 in stock sold in September.

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) has earned an average rating of "Moderate Buy" from the seven brokerages that are covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, one has given a hold recommendation, four have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $17.75.

A number of analysts have recently weighed in on the company. Weiss Ratings restated a "sell (d-)" rating on shares of Serve Robotics in a research note on Saturday, September 27th. Singular Research upgraded Serve Robotics to a "moderate buy" rating in a research note on Tuesday, August 26th. Seaport Res Ptn lowered Serve Robotics from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 11th. Finally, Wedbush began coverage on Serve Robotics in a research note on Wednesday, August 27th. They issued an "outperform" rating and a $15.00 target price for the company.

Insider Transactions at Serve Robotics

In related news, CFO Brian Read sold 3,941 shares of Serve Robotics stock in a transaction dated Thursday, September 18th. The stock was sold at an average price of $12.70, for a total value of $50,050.70. Following the completion of the sale, the chief financial officer directly owned 356,498 shares in the company, valued at $4,527,524.60. This trade represents a 1.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Touraj Parang sold 53,690 shares of Serve Robotics stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $10.35, for a total value of $555,691.50. Following the completion of the sale, the chief operating officer owned 1,365,416 shares of the company's stock, valued at approximately $14,132,055.60. The trade was a 3.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 325,233 shares of company stock valued at $3,532,528. 5.50% of the stock is currently owned by insiders.

Institutional Trading of Serve Robotics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Allworth Financial LP increased its position in Serve Robotics by 316.7% in the second quarter. Allworth Financial LP now owns 3,900 shares of the company's stock worth $45,000 after purchasing an additional 2,964 shares during the period. 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 holdings 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 buying an additional 1,545 shares during the last quarter.

Serve Robotics Stock Performance

Shares of NASDAQ:SERV opened at $13.12 on Friday. Serve Robotics has a twelve month low of $4.66 and a twelve month high of $24.35. The firm has a market cap of $785.63 million, a PE ratio of -11.41 and a beta of -0.70. The business has a fifty day moving average of $11.04 and a 200-day moving average of $9.70.

Serve Robotics (NASDAQ:SERV - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported ($0.36) earnings per share for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.13). Serve Robotics had a negative net margin of 3,726.00% and a negative return on equity of 36.47%. The business had revenue of $0.64 million during the quarter, compared to analyst estimates of $0.63 million. On average, analysts anticipate that Serve Robotics will post -0.98 EPS for the current fiscal year.

Serve Robotics Company 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.

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