Serve Robotics (NASDAQ:SERV) Shares Up 3.5% - Should You Buy?

Key Points

• Serve Robotics Inc.'s share price increased by 3.5% to $11.17 but experienced a 63% decline in trading volume compared to its average.
• The company's quarterly earnings showed a reported EPS of ($0.36), missing the expected consensus of ($0.23) by ($0.13).
• Analysts currently rate Serve Robotics with an average rating of Buy and a target price of $17.75, indicating positive future expectations.

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s share price rose 3.5% during trading on Wednesday . The company traded as high as $11.28 and last traded at $11.17. Approximately 2,610,581 shares were traded during trading, a decline of 63% from the average daily volume of 7,069,121 shares. The stock had previously closed at $10.80.

Analyst Upgrades and Downgrades

SERV has been the topic of a number of recent research reports. Seaport Res Ptn downgraded Serve Robotics from a "strong-buy" rating to a "hold" rating in a report on Monday, August 11th. Singular Research upgraded shares of Serve Robotics to a "moderate buy" rating in a research note on Tuesday, August 26th. Cantor Fitzgerald started coverage on shares of Serve Robotics in a report on Thursday, May 22nd. They issued an "overweight" rating on the stock. Finally, Wedbush assumed coverage on shares of Serve Robotics in a research report on Wednesday, August 27th. They set an "outperform" rating and a $15.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $17.75.

Serve Robotics Stock Performance

The firm's fifty day moving average is $10.58 and its two-hundred day moving average is $9.20. The company has a market cap of $639.76 million, a P/E ratio of -9.28 and a beta of -0.19.

Serve Robotics (NASDAQ:SERV - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.36) EPS for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.13). Serve Robotics had a negative return on equity of 36.47% and a negative net margin of 3,726.00%.The business had revenue of $0.64 million during the quarter, compared to analysts' expectations of $0.63 million. On average, equities research analysts expect that Serve Robotics Inc. will post -0.98 EPS for the current year.

Insider Activity

In other Serve Robotics news, Director David Michael Goldberg sold 10,700 shares of the stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $10.63, for a total transaction of $113,741.00. Following the completion of the transaction, the director owned 50,725 shares of the company's stock, valued at $539,206.75. This represents a 17.42% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Touraj Parang sold 53,690 shares of the firm's stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $10.35, for a total value of $555,691.50. Following the transaction, the chief operating officer owned 1,365,416 shares of the company's stock, valued at approximately $14,132,055.60. The trade was a 3.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 289,306 shares of company stock valued at $2,998,976 in the last quarter. Company insiders own 21.40% of the company's stock.

Hedge Funds Weigh In On Serve Robotics

Several institutional investors have recently added to or reduced their stakes in the company. Man Group plc purchased a new stake in shares of Serve Robotics during the 4th quarter worth approximately $467,000. OMERS ADMINISTRATION Corp bought a new stake in Serve Robotics in the fourth quarter worth $431,000. Exchange Traded Concepts LLC raised its stake in Serve Robotics by 31.4% during the first quarter. Exchange Traded Concepts LLC now owns 882,522 shares of the company's stock valued at $5,075,000 after purchasing an additional 210,977 shares in the last quarter. Capital Fund Management S.A. bought a new position in Serve Robotics during the first quarter valued at $4,244,000. Finally, Virtu Financial LLC lifted its position in Serve Robotics by 71.5% during the first quarter. Virtu Financial LLC now owns 59,054 shares of the company's stock valued at $340,000 after purchasing an additional 24,614 shares during the last quarter.

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.

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.