Serve Robotics (NASDAQ:SERV) Shares Down 3.9% - Time to Sell?

Key Points

• Serve Robotics Inc. shares declined by 3.9%, trading as low as $9.98 and closing at $10.04, with volume down 84% from the daily average.
• Analysts have mixed ratings on SERV, with one downgrade to a "hold" by Seaport Res Ptn and a consensus average target price of $18.67.
• The company reported a quarterly loss of ($0.36) earnings per share, missing estimates, while revenue was slightly above expectations at $0.64 million.

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) was down 3.9% during mid-day trading on Thursday . The stock traded as low as $9.98 and last traded at $10.04. Approximately 1,105,532 shares traded hands during trading, a decline of 84% from the average daily volume of 7,115,534 shares. The stock had previously closed at $10.44.

Analyst Ratings Changes

Several analysts have issued reports on SERV shares. Seaport Res Ptn cut Serve Robotics from a "strong-buy" rating to a "hold" rating in a research report on Monday. Cantor Fitzgerald started coverage on Serve Robotics in a research report on Thursday, May 22nd. They set an "overweight" rating on the stock. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Buy" and an average target price of $18.67.

Serve Robotics Trading Down 3.8%

The stock has a market cap of $601.55 million, a price-to-earnings ratio of -8.78 and a beta of -0.11. The stock has a 50-day moving average price of $11.00 and a two-hundred day moving average price of $10.05.

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

Insider Buying and Selling

In related news, CEO Ali Kashani sold 7,467 shares of the firm's stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $10.74, for a total value of $80,195.58. Following the completion of the transaction, the chief executive officer owned 3,598,737 shares in the company, valued at $38,650,435.38. This trade represents a 0.21% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Brian Read sold 3,000 shares of the firm's stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $12.15, for a total value of $36,450.00. Following the completion of the transaction, the chief financial officer owned 221,000 shares of the company's stock, valued at $2,685,150. This trade represents a 1.34% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 43,182 shares of company stock worth $470,822 over the last three months. Corporate insiders own 5.50% of the company's stock.

Hedge Funds Weigh In On Serve Robotics

A number of institutional investors have recently modified their holdings of SERV. LPL Financial LLC purchased a new position in shares of Serve Robotics in the 4th quarter valued at about $294,000. Vanguard Group Inc. increased its stake in shares of Serve Robotics by 74.6% in the 4th quarter. Vanguard Group Inc. now owns 1,274,303 shares of the company's stock valued at $17,203,000 after purchasing an additional 544,537 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Serve Robotics by 36.6% in the 4th quarter. Geode Capital Management LLC now owns 178,780 shares of the company's stock valued at $2,415,000 after purchasing an additional 47,927 shares in the last quarter. Wells Fargo & Company MN increased its stake in shares of Serve Robotics by 294.0% in the 4th quarter. Wells Fargo & Company MN now owns 10,855 shares of the company's stock valued at $147,000 after purchasing an additional 8,100 shares in the last quarter. Finally, Legal & General Group Plc purchased a new position in shares of Serve Robotics in the 4th quarter valued at about $6,629,000.

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.

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