Serve Robotics Inc. (NASDAQ:SERV) Receives Consensus Rating of "Buy" from Brokerages

Key Points

• Serve Robotics Inc. has received a consensus rating of "Buy" from five brokerages, with a target price of approximately $18.67 for the next year.
• Shares are currently trading at $9.71, down 4.6% recently, while the company's earnings per share missed analysts' expectations, reporting ($0.36) for the last quarter.
• Major institutional investments have been reported, including Uber Technologies acquiring a stake worth approximately $71.53 million during the fourth quarter.

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) has earned a consensus recommendation of "Buy" from the five ratings firms that are presently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among brokers that have covered the stock in the last year is $18.6667.

Several equities research analysts recently issued reports on SERV shares. Cantor Fitzgerald started coverage on shares of Serve Robotics in a research report on Thursday, May 22nd. They set an "overweight" rating for the company. Seaport Res Ptn cut shares of Serve Robotics from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 11th.

Insider Activity at Serve Robotics

In other Serve Robotics news, CEO Ali Kashani sold 7,467 shares of the stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $10.74, for a total transaction of $80,195.58. Following the completion of the transaction, the chief executive officer owned 3,598,737 shares of the company's stock, valued at $38,650,435.38. This trade represents a 0.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Brian Read sold 3,000 shares of the stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $12.15, for a total transaction of $36,450.00. Following the transaction, the chief financial officer directly owned 221,000 shares of the company's stock, valued at approximately $2,685,150. This trade represents a 1.34% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 43,182 shares of company stock valued at $470,822 over the last quarter. 21.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. boosted its stake in shares of Serve Robotics by 13.8% in the first 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. Creative Planning boosted its stake in shares of Serve Robotics by 25.9% in the second quarter. Creative Planning now owns 12,923 shares of the company's stock valued at $148,000 after purchasing an additional 2,655 shares during the period. Allworth Financial LP lifted its stake 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 acquiring an additional 2,964 shares during the last quarter. Brevan Howard Capital Management LP lifted its stake in Serve Robotics by 34.6% in the second quarter. Brevan Howard Capital Management LP now owns 14,400 shares of the company's stock worth $165,000 after acquiring an additional 3,699 shares during the last quarter. Finally, Jefferies Financial Group Inc. lifted its stake in Serve Robotics by 30.3% in the fourth quarter. Jefferies Financial Group Inc. now owns 17,200 shares of the company's stock worth $232,000 after acquiring an additional 4,000 shares during the last quarter.

Serve Robotics Trading Up 6.3%

SERV traded up $0.61 during midday trading on Friday, hitting $10.32. 3,096,641 shares of the company traded hands, compared to its average volume of 7,085,075. The company has a market capitalization of $618.02 million, a price-to-earnings ratio of -8.80 and a beta of -0.11. Serve Robotics 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 $10.91 and a two-hundred day simple moving average of $9.87.

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

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.