Serve Robotics (NASDAQ:SERV) Shares Down 3.5% - Here's What Happened

Key Points

• Serve Robotics' stock price dropped by 3.5% to $9.83 after trading as low as $9.85, with a significant decline in trading volume, down 79% from the average.
• Recent analyst reports saw Seaport Res Ptn downgrade Serve Robotics from a "strong-buy" to a "hold" rating, while Cantor Fitzgerald initiated coverage with an "overweight" rating; the average price target is currently pegged at $18.67.
• In the last 90 days, company insiders sold 43,182 shares valued at $470,822, with corporate insiders owning only 5.50% of the company's stock, indicating some potential concerns about insider confidence.

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s stock price was down 3.5% on Friday . The stock traded as low as $9.85 and last traded at $9.83. Approximately 1,510,922 shares were traded during trading, a decline of 79% from the average daily volume of 7,094,825 shares. The stock had previously closed at $10.18.

Analysts Set New Price Targets

SERV has been the subject of several recent analyst reports. Seaport Res Ptn lowered Serve Robotics from a "strong-buy" rating to a "hold" rating in a research report on Monday. Cantor Fitzgerald initiated coverage on 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 assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $18.67.

Serve Robotics Price Performance

The firm has a market cap of $592.51 million, a PE ratio of -8.60 and a beta of -0.11. The company has a 50-day simple moving average of $10.97 and a 200-day simple moving average of $10.01.

Serve Robotics (NASDAQ:SERV - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.36) 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 the consensus estimate of $0.63 million. Serve Robotics had a negative return on equity of 36.47% and a negative net margin of 3,726.00%. As a group, equities research analysts predict that Serve Robotics Inc. will post -0.98 earnings per share for the current year.

Insider Buying and Selling at Serve Robotics

In related news, COO Touraj Parang sold 5,565 shares of the stock in a transaction that occurred 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 owned 1,419,106 shares of the company's stock, valued at approximately $15,099,287.84. This trade represents a 0.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Brian Read sold 3,000 shares of the stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $12.15, for a total transaction of $36,450.00. Following the transaction, the chief financial officer directly owned 221,000 shares of the company's stock, valued at $2,685,150. The trade was a 1.34% 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 valued at $470,822. Corporate insiders own 5.50% of the company's stock.

Hedge Funds Weigh In On Serve Robotics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Uber Technologies Inc acquired a new position in Serve Robotics during the fourth quarter worth about $71,534,000. Man Group plc acquired a new position in Serve Robotics during the fourth quarter worth approximately $467,000. Geode Capital Management LLC increased its position in Serve Robotics by 36.6% during the fourth quarter. Geode Capital Management LLC now owns 178,780 shares of the company's stock worth $2,415,000 after purchasing an additional 47,927 shares during the last quarter. OMERS ADMINISTRATION Corp acquired a new position in Serve Robotics during the fourth quarter worth approximately $431,000. Finally, Raymond James Financial Inc. acquired a new position in Serve Robotics during the fourth quarter worth approximately $1,978,000.

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.

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