Shares of Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) traded down 4.7% on Tuesday . The stock traded as low as $13.68 and last traded at $14.23. 14,520,654 shares were traded during mid-day trading, an increase of 91% from the average session volume of 7,598,059 shares. The stock had previously closed at $14.93.
Wall Street Analyst Weigh In
A number of brokerages have recently issued reports on SERV. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Serve Robotics in a research report on Saturday, September 27th. Singular Research raised Serve Robotics to a "moderate buy" rating in a research report on Tuesday, August 26th. Wedbush began coverage on Serve Robotics in a research report on Wednesday, August 27th. They set an "outperform" rating and a $15.00 target price on the stock. Finally, Seaport Res Ptn lowered Serve Robotics from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 11th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $17.75.
Get Our Latest Stock Analysis on SERV
Serve Robotics Price Performance
The business has a fifty day moving average price of $11.11 and a two-hundred day moving average price of $9.79. The firm has a market capitalization of $852.09 million, a price-to-earnings ratio of -12.37 and a beta of -0.70.
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 for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.13). The firm had revenue of $0.64 million during the quarter, compared to analyst estimates of $0.63 million. Serve Robotics had a negative net margin of 3,726.00% and a negative return on equity of 36.47%. On average, research analysts predict that Serve Robotics Inc. will post -0.98 earnings per share for the current year.
Insiders Place Their Bets
In other news, CFO Brian Read sold 10,216 shares of the stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $9.82, for a total value of $100,321.12. Following the transaction, the chief financial officer directly owned 373,263 shares of the company's stock, valued at approximately $3,665,442.66. This represents a 2.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Evan Dunn sold 5,000 shares of the stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $10.01, for a total value of $50,050.00. Following the completion of the transaction, the general counsel directly owned 230,767 shares in the company, valued at $2,309,977.67. This represents a 2.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 325,233 shares of company stock valued at $3,532,528. Insiders own 21.40% of the company's stock.
Hedge Funds Weigh In On Serve Robotics
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Allworth Financial LP increased its holdings in shares of Serve Robotics by 316.7% in the second quarter. Allworth Financial LP now owns 3,900 shares of the company's stock valued at $45,000 after purchasing an additional 2,964 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new stake in shares of Serve Robotics in the first quarter valued at approximately $49,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Serve Robotics in the first quarter valued at approximately $49,000. Ameritas Investment Partners Inc. acquired a new stake in shares of Serve Robotics during the 2nd quarter worth about $55,000. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Serve Robotics by 13.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 12,728 shares of the company's stock valued at $73,000 after acquiring an additional 1,545 shares during the last quarter.
About Serve Robotics
(
Get Free Report)
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.
Further Reading
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Serve Robotics, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Serve Robotics wasn't on the list.
While Serve Robotics currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Wondering where to start (or end) with AI stocks? These 10 simple stocks can help investors build long-term wealth as artificial intelligence continues to grow into the future.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
