Serve Robotics (NASDAQ:SERV) Stock Price 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.

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

Analyst Ratings Changes

Several brokerages have recently issued reports on SERV. Seaport Res Ptn cut shares of Serve Robotics from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 11th. Cantor Fitzgerald began coverage on shares of Serve Robotics in a report on Thursday, May 22nd. They set an "overweight" rating on the stock. One equities research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Serve Robotics has a consensus rating of "Buy" and an average price target of $18.67.

Serve Robotics Trading Up 5.7%

The company has a market cap of $614.37 million, a PE ratio of -8.92 and a beta of -0.11. The company has a fifty day simple moving average of $10.91 and a two-hundred day simple moving average of $9.87.

Serve Robotics (NASDAQ:SERV - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported ($0.36) earnings per share 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 firm had revenue of $0.64 million during the quarter, compared to analyst estimates of $0.63 million. On average, research analysts anticipate that Serve Robotics Inc. will post -0.98 EPS for the current fiscal year.

Insider Buying and Selling

In other Serve Robotics news, Director David Michael Goldberg sold 10,700 shares of the stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $10.63, for a total transaction of $113,741.00. Following the completion of the sale, the director directly owned 50,725 shares of the company's stock, valued at approximately $539,206.75. This trade represents a 17.42% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Touraj Parang sold 5,565 shares of the business's stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $10.64, for a total value of $59,211.60. Following the completion of the transaction, the chief operating officer directly owned 1,419,106 shares in the company, valued at approximately $15,099,287.84. The trade was a 0.39% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 43,182 shares of company stock valued at $470,822 in the last 90 days. Company insiders own 21.40% of the company's stock.

Hedge Funds Weigh In On Serve Robotics

Hedge funds and other institutional investors have recently bought and sold shares of the company. LPL Financial LLC purchased a new position in Serve Robotics during the 4th quarter worth $294,000. Geode Capital Management LLC increased its stake in shares of 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 acquiring an additional 47,927 shares during the period. Wells Fargo & Company MN raised its holdings in Serve Robotics by 294.0% during the fourth quarter. Wells Fargo & Company MN now owns 10,855 shares of the company's stock worth $147,000 after purchasing an additional 8,100 shares in the last quarter. Legal & General Group Plc acquired a new stake in Serve Robotics in the fourth quarter valued at about $6,629,000. Finally, Raymond James Financial Inc. purchased a new stake in Serve Robotics in the 4th quarter valued at 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.