Serve Robotics (NASDAQ:SERV) Sees Large Volume Increase - Still a Buy?

Key Points

• Serve Robotics Inc. experienced an exceptionally high trading volume with approximately 10.9 million shares changing hands, marking a 51% increase from the previous session.
• Analysts have mixed ratings for SERV, with a consensus rating of "Buy" and a price target of $17.75, while Seaport Res Ptn downgraded the stock to a "hold" rating.
• Insiders sold 305,999 shares of Serve Robotics in the last 90 days, indicating a potential decrease in management confidence.

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) saw strong trading volume on Friday . 10,945,479 shares traded hands during mid-day trading, an increase of 51% from the previous session's volume of 7,244,301 shares.The stock last traded at $15.09 and had previously closed at $12.84.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Seaport Res Ptn downgraded Serve Robotics from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 11th. Singular Research raised Serve Robotics to a "moderate buy" rating in a research note on Tuesday, August 26th. Finally, Wedbush assumed coverage on Serve Robotics in a research note on Wednesday, August 27th. They set an "outperform" rating and a $15.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, Serve Robotics currently has an average rating of "Buy" and an average target price of $17.75.

Serve Robotics Trading Up 8.9%

The stock has a market cap of $837.12 million, a price-to-earnings ratio of -12.16 and a beta of -0.19. The stock has a fifty day simple moving average of $10.82 and a 200-day simple moving average of $9.37.

Serve Robotics (NASDAQ:SERV - Get Free Report) last released its earnings results 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). 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%. Sell-side analysts forecast that Serve Robotics Inc. will post -0.98 earnings per share for the current fiscal year.

Insider Transactions at Serve Robotics

In other Serve Robotics news, CEO Ali Kashani sold 164,735 shares of the firm's stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $10.33, for a total value of $1,701,712.55. Following the sale, the chief executive officer owned 3,434,002 shares of the company's stock, valued at $35,473,240.66. This trade represents a 4.58% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, COO Touraj Parang sold 53,690 shares of the firm's stock in a transaction that occurred on Monday, September 8th. The shares were 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 directly owned 1,365,416 shares in the company, 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. Over the last three months, insiders have sold 305,999 shares of company stock worth $3,203,268. Insiders own 5.50% of the company's stock.

Institutional Trading of Serve Robotics

Several institutional investors have recently modified their holdings of the company. Allworth Financial LP grew its holdings in shares of Serve Robotics by 316.7% during the 2nd quarter. Allworth Financial LP now owns 3,900 shares of the company's stock worth $45,000 after purchasing an additional 2,964 shares in the last quarter. Ameritas Investment Partners Inc. acquired a new stake in shares of Serve Robotics during the 2nd quarter worth approximately $55,000. Total Investment Management Inc. acquired a new stake in shares of Serve Robotics during the 2nd quarter worth approximately $76,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Serve Robotics during the 1st quarter worth approximately $49,000. Finally, KLP Kapitalforvaltning AS acquired a new stake in shares of Serve Robotics during the 1st quarter worth approximately $49,000.

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.