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 research analysts at Seaport Res Ptn from a "strong-buy" rating to a "hold" rating in a research note issued to investors on Monday,Zacks.com reports.

Separately, Cantor Fitzgerald started coverage on Serve Robotics in a research note on Thursday, May 22nd. They set 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 given a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Buy" and an average price target of $18.67.

Serve Robotics Trading Down 4.6%

SERV stock traded down $0.47 during trading on Monday, hitting $9.71. 3,739,555 shares of the company's stock were exchanged, compared to its average volume of 4,619,324. The business has a 50-day moving average price of $10.91 and a two-hundred day moving average price of $9.95. The stock has a market capitalization of $581.43 million, a price-to-earnings ratio of -8.44 and a beta of -0.11. Serve Robotics has a 52-week low of $4.66 and a 52-week high of $24.35.

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

Insider Transactions at Serve Robotics

In other Serve Robotics news, Director David Michael Goldberg sold 10,700 shares of the business's stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $10.63, for a total value of $113,741.00. Following the transaction, the director directly owned 50,725 shares of the company's stock, valued at approximately $539,206.75. The trade was a 17.42% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Touraj Parang sold 5,565 shares of the business's stock in a transaction on 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 transaction, the chief operating officer directly owned 1,419,106 shares in the company, valued at $15,099,287.84. This represents a 0.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 43,182 shares of company stock worth $470,822 over the last quarter. 5.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Serve Robotics

Institutional investors have recently bought and sold shares of the company. LPL Financial LLC acquired a new stake in shares of Serve Robotics during the fourth quarter valued at $294,000. Vanguard Group Inc. boosted its stake in shares of Serve Robotics by 74.6% during the fourth quarter. Vanguard Group Inc. now owns 1,274,303 shares of the company's stock valued at $17,203,000 after acquiring an additional 544,537 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Serve Robotics by 36.6% in the fourth quarter. Geode Capital Management LLC now owns 178,780 shares of the company's stock valued at $2,415,000 after buying an additional 47,927 shares during the last quarter. Wells Fargo & Company MN raised its position in shares of Serve Robotics by 294.0% in the fourth quarter. Wells Fargo & Company MN now owns 10,855 shares of the company's stock valued at $147,000 after buying an additional 8,100 shares during the last quarter. Finally, Legal & General Group Plc acquired a new position in shares of Serve Robotics in the fourth quarter valued at approximately $6,629,000.

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.