Serve Robotics (NASDAQ:SERV) Shares Down 4.3% - Time to Sell?

Key Points

• Serve Robotics shares fell 4.3% on Friday, with the stock trading as low as $10.62, and 3.38 million shares exchanged, indicating a significant drop in trading volume.
• Recent analyst ratings include a downgrade from Seaport Res Ptn from "strong-buy" to "hold," while Wedbush set a price target of $15.00, pointing towards mixed sentiment among analysts.
• Serve Robotics reported a loss of $0.36 EPS for the last quarter, missing estimates, despite a revenue of $0.64 million, reflecting ongoing challenges for the company.

Shares of Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) traded down 4.3% on Friday . The company traded as low as $10.62 and last traded at $10.77. 3,382,221 shares traded hands during trading, a decline of 53% from the average session volume of 7,143,178 shares. The stock had previously closed at $11.25.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Seaport Res Ptn downgraded Serve Robotics from a "strong-buy" rating to a "hold" rating in a report on Monday, August 11th. Cantor Fitzgerald began coverage on Serve Robotics in a research report on Thursday, May 22nd. They issued an "overweight" rating on the stock. Singular Research raised Serve Robotics to a "moderate buy" rating in a research report on Tuesday. Finally, Wedbush began coverage on Serve Robotics in a research report on Wednesday. They issued an "outperform" rating and a $15.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $17.75.

Serve Robotics Trading Down 2.3%

The stock has a market capitalization of $658.08 million, a PE ratio of -9.55 and a beta of -0.11. The firm has a 50 day moving average price of $10.64 and a 200 day moving average price of $9.52.

Serve Robotics (NASDAQ:SERV - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.13). The firm 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%. On average, equities research analysts expect that Serve Robotics Inc. will post -0.98 EPS for the current year.

Insider Activity

In other news, CFO Brian Read sold 10,216 shares of the firm's stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $9.82, for a total transaction of $100,321.12. Following the completion of the sale, the chief financial officer owned 373,263 shares in the company, valued at $3,665,442.66. This trade represents a 2.66% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Anthony Armenta sold 2,915 shares of the firm's stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $10.68, for a total transaction of $31,132.20. Following the sale, the insider owned 612,664 shares of the company's stock, valued at $6,543,251.52. This represents a 0.47% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 53,103 shares of company stock valued at $558,253. 5.50% of the stock is owned by corporate insiders.

Institutional Trading of Serve Robotics

Several institutional investors have recently added to or reduced their stakes in SERV. Capital Fund Management S.A. acquired a new stake in Serve Robotics in the 1st quarter valued at approximately $4,244,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of 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 worth $3,972,000 after acquiring an additional 584,302 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Serve Robotics by 176.0% in the second quarter. Geode Capital Management LLC now owns 878,668 shares of the company's stock worth $10,054,000 after acquiring an additional 560,361 shares in the last quarter. Cubist Systematic Strategies LLC acquired a new position in shares of Serve Robotics in the first quarter worth $2,064,000. Finally, Captrust Financial Advisors acquired a new position in shares of Serve Robotics in the fourth quarter worth $3,672,000.

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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