Serve Robotics (NASDAQ:SERV) Shares Down 1.6% - Here's What Happened

Key Points

• Serve Robotics Inc. experienced a 1.6% decline in share price during trading, closing at $13.75 after hitting a low of $13.40.
• Recent analyst ratings reflect a consensus of “Buy”, with a target price averaging $17.75.
• The company reported a quarterly earnings miss with ($0.36) EPS, falling short of the consensus estimate by $0.13.

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) fell 1.6% during trading on Monday . The stock traded as low as $13.40 and last traded at $13.75. 9,938,450 shares were traded during mid-day trading, an increase of 34% from the average session volume of 7,392,416 shares. The stock had previously closed at $13.98.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on SERV shares. Singular Research upgraded Serve Robotics to a "moderate buy" rating in a research note on Tuesday, August 26th. Wedbush started coverage on Serve Robotics in a research note on Wednesday, August 27th. They issued an "outperform" rating and a $15.00 price target on the stock. Finally, Seaport Res Ptn cut Serve Robotics from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 11th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $17.75.

Serve Robotics Price Performance

The firm has a market capitalization of $823.35 million, a P/E ratio of -11.96 and a beta of -0.16. The stock has a fifty day simple moving average of $10.82 and a two-hundred day simple moving average of $9.38.

Serve Robotics (NASDAQ:SERV - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.13). The firm had revenue of $0.64 million for the quarter, compared to the consensus estimate of $0.63 million. Serve Robotics had a negative net margin of 3,726.00% and a negative return on equity of 36.47%. As a group, sell-side analysts expect that Serve Robotics Inc. will post -0.98 EPS for the current fiscal year.

Insider Activity at Serve Robotics

In related news, CFO Brian Read sold 10,216 shares of Serve Robotics stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $9.82, for a total transaction of $100,321.12. Following the transaction, the chief financial officer owned 373,263 shares of the company's stock, valued at $3,665,442.66. The trade was a 2.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Touraj Parang sold 53,690 shares of the business's stock in a transaction on 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 transaction, the chief operating officer directly owned 1,365,416 shares in the company, valued at approximately $14,132,055.60. This represents a 3.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 295,299 shares of company stock valued at $3,089,527 over the last 90 days. Corporate insiders own 21.40% of the company's stock.

Institutional Trading of Serve Robotics

Hedge funds have recently made changes to their positions in the company. Allworth Financial LP raised its stake in shares of Serve Robotics by 316.7% in the second quarter. Allworth Financial LP now owns 3,900 shares of the company's stock valued at $45,000 after buying an additional 2,964 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Serve Robotics in the first quarter valued at $49,000. KLP Kapitalforvaltning AS bought a new stake in shares of Serve Robotics in the first quarter valued at $49,000. Ameritas Investment Partners Inc. bought a new stake in shares of Serve Robotics in the second quarter valued at $55,000. Finally, Charles Schwab Investment Management Inc. raised 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 buying an additional 1,545 shares during the period.

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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