Serve Robotics (NASDAQ:SERV) Downgraded by Seaport Res Ptn to "Hold"

Key Points

• Serve Robotics' stock was downgraded from a "strong-buy" rating to a "hold" rating by Seaport Res Ptn, reflecting a shift in market outlook.
• Current market analysts rate Serve Robotics with an average of "Buy" and have set a price target of $18.67.
• In recent insider transactions, CEO Ali Kashani sold 7,467 shares, indicating a 0.21% decrease in his ownership position.

Serve Robotics (NASDAQ:SERV - Get Free Report) was downgraded by investment analysts at Seaport Res Ptn from a "strong-buy" rating to a "hold" rating in a note issued to investors on Monday,Zacks.com reports.

Separately, Cantor Fitzgerald started coverage on shares of Serve Robotics in a report on Thursday, May 22nd. They issued an "overweight" rating for the company. One research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Serve Robotics currently has an average rating of "Buy" and an average price target of $18.67.

Serve Robotics Price Performance

NASDAQ:SERV opened at $10.42 on Monday. The company has a market capitalization of $623.95 million, a P/E ratio of -9.06 and a beta of -0.11. The business has a fifty day simple moving average of $11.03 and a two-hundred day simple moving average of $10.05. Serve Robotics has a 1 year low of $4.66 and a 1 year high of $24.35.

Serve Robotics (NASDAQ:SERV - Get Free Report) last posted its quarterly earnings data 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 during the quarter, compared to analysts' expectations of $0.63 million. As a group, analysts anticipate that Serve Robotics will post -0.98 earnings per share for the current year.

Insider Transactions at Serve Robotics

In other Serve Robotics news, CEO Ali Kashani sold 7,467 shares of the firm's stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $10.74, for a total transaction of $80,195.58. Following the transaction, the chief executive officer directly owned 3,598,737 shares of the company's stock, valued at approximately $38,650,435.38. This trade represents a 0.21% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Touraj Parang sold 5,565 shares of Serve Robotics stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $10.64, for a total transaction of $59,211.60. Following the completion of the sale, the chief operating officer directly owned 1,419,106 shares in the company, valued at approximately $15,099,287.84. The trade was a 0.39% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 43,182 shares of company stock worth $470,822. 21.40% of the stock is owned by company insiders.

Institutional Trading of Serve Robotics

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. raised 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 acquiring an additional 1,545 shares during the last quarter. Creative Planning raised its position in Serve Robotics by 25.9% during the second quarter. Creative Planning now owns 12,923 shares of the company's stock worth $148,000 after acquiring an additional 2,655 shares during the last quarter. Allworth Financial LP raised its position 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 acquiring an additional 2,964 shares during the last quarter. Jefferies Financial Group Inc. grew its holdings in shares of Serve Robotics by 30.3% during the fourth quarter. Jefferies Financial Group Inc. now owns 17,200 shares of the company's stock worth $232,000 after buying an additional 4,000 shares in the last quarter. Finally, PFG Investments LLC grew its holdings in shares of Serve Robotics by 12.3% during the first quarter. PFG Investments LLC now owns 36,498 shares of the company's stock worth $210,000 after buying an additional 4,000 shares in the last quarter.

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.

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