Serve Robotics (NASDAQ:SERV) Trading 3.5% Higher - What's Next?

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 traded up 3.5% during trading on Wednesday . The stock traded as high as $11.28 and last traded at $11.17. 2,610,581 shares changed hands during mid-day trading, a decline of 63% from the average session volume of 7,069,121 shares. The stock had previously closed at $10.80.

Analyst Upgrades and Downgrades

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

Serve Robotics Price Performance

The stock has a market cap of $726.34 million, a P/E ratio of -10.55 and a beta of -0.19. The firm's fifty day moving average price is $10.61 and its two-hundred day moving average price is $9.23.

Serve Robotics (NASDAQ:SERV - Get Free Report) last announced its earnings results 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). Serve Robotics had a negative return on equity of 36.47% and a negative net margin of 3,726.00%.The company had revenue of $0.64 million during the quarter, compared to analysts' expectations of $0.63 million. On average, research analysts expect that Serve Robotics Inc. will post -0.98 earnings per share for the current fiscal year.

Insider Buying and Selling at Serve Robotics

In other Serve Robotics news, COO Touraj Parang sold 53,690 shares of the company's stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $10.35, for a total transaction of $555,691.50. Following the completion of the sale, the chief operating officer directly owned 1,365,416 shares in the company, valued at $14,132,055.60. This represents a 3.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, General Counsel Evan Dunn sold 5,000 shares of the stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $10.01, for a total transaction of $50,050.00. Following the sale, the general counsel owned 230,767 shares of the company's stock, valued at approximately $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. Over the last quarter, insiders sold 293,625 shares of company stock valued at $3,048,817. 5.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Serve Robotics

Large investors have recently added to or reduced their stakes in the stock. Allworth Financial LP grew its position in shares of Serve Robotics by 316.7% during the 2nd quarter. Allworth Financial LP now owns 3,900 shares of the company's stock valued at $45,000 after acquiring an additional 2,964 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new position in Serve Robotics during the 1st quarter valued at about $49,000. KLP Kapitalforvaltning AS bought a new position in Serve Robotics in the 1st quarter worth about $49,000. Ameritas Investment Partners Inc. purchased a new stake in shares of Serve Robotics in the 2nd quarter worth approximately $55,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Serve Robotics by 13.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 12,728 shares of the company's stock worth $73,000 after buying an additional 1,545 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.