Serve Robotics (NASDAQ:SERV) Shares Down 1.6% - What's Next?

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) was down 1.6% during mid-day trading on Monday . The stock traded as low as $13.40 and last traded at $13.75. Approximately 9,938,450 shares were traded during mid-day trading, an increase of 34% from the average daily volume of 7,392,416 shares. The stock had previously closed at $13.98.

Analyst Ratings Changes

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

Serve Robotics Stock Performance

The stock has a market cap of $804.79 million, a PE ratio of -11.67 and a beta of -0.16. The stock's 50-day moving average is $10.88 and its two-hundred day moving average is $9.42.

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

Insider Buying and Selling

In other Serve Robotics news, 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 transaction, the chief operating officer owned 1,365,416 shares of the company's stock, valued at $14,132,055.60. This trade represents a 3.78% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, General Counsel Evan Dunn sold 5,000 shares of the firm's stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $10.01, for a total transaction of $50,050.00. Following the completion of the transaction, the general counsel directly owned 230,767 shares of the company's stock, valued at $2,309,977.67. This represents a 2.12% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 320,299 shares of company stock worth $3,464,277 over the last three months. 21.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Serve Robotics

Hedge funds and other institutional investors have recently modified their holdings of the company. Man Group plc acquired a new stake in shares of Serve Robotics in the 4th quarter valued at $467,000. Exchange Traded Concepts LLC boosted its stake in Serve Robotics by 31.4% in the first quarter. Exchange Traded Concepts LLC now owns 882,522 shares of the company's stock valued at $5,075,000 after acquiring an additional 210,977 shares in the last quarter. Capital Fund Management S.A. acquired a new position in Serve Robotics in the first quarter valued at $4,244,000. Virtu Financial LLC boosted its stake in Serve Robotics by 71.5% in the first quarter. Virtu Financial LLC now owns 59,054 shares of the company's stock valued at $340,000 after acquiring an additional 24,614 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Serve Robotics by 616.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 679,014 shares of the company's stock valued at $3,972,000 after acquiring an additional 584,302 shares in the last quarter.

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.