Serve Robotics (NASDAQ:SERV) Shares Up 3.7% - What's Next?

Key Points

• Serve Robotics' stock increased by 3.7% during mid-day trading, reaching a high of $10.18 before closing at $10.07, despite a significant drop in trading volume.
• Equities analysts have assigned an average rating of "Buy" for Serve Robotics, with a price target of $18.67, although one rating was downgraded from "strong-buy" to "hold".
• Serve Robotics reported a loss of $0.36 EPS for the last quarter, missing estimates, but had revenue of $0.64 million, just above expectations of $0.63 million.

Shares of Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) shot up 3.7% during mid-day trading on Monday . The company traded as high as $10.18 and last traded at $10.07. 1,974,203 shares changed hands during trading, a decline of 72% from the average session volume of 7,074,990 shares. The stock had previously closed at $9.71.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Cantor Fitzgerald assumed coverage on Serve Robotics in a research report on Thursday, May 22nd. They issued an "overweight" rating on the stock. Seaport Res Ptn downgraded Serve Robotics from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 11th. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $18.67.

Serve Robotics Stock Up 6.6%

The firm has a market cap of $619.82 million, a PE ratio of -9.00 and a beta of -0.11. The firm has a 50-day moving average price of $10.91 and a two-hundred day moving average price of $9.87.

Serve Robotics (NASDAQ:SERV - Get Free Report) last announced its quarterly earnings data 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 company had revenue of $0.64 million for the quarter, compared to analysts' expectations of $0.63 million. Research analysts forecast that Serve Robotics Inc. will post -0.98 earnings per share for the current fiscal year.

Insider Activity

In related news, Director David Michael Goldberg sold 10,700 shares of Serve Robotics 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 transaction, the director owned 50,725 shares in the company, valued at approximately $539,206.75. This trade represents a 17.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Anthony Armenta sold 2,915 shares of Serve Robotics stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $10.68, for a total value of $31,132.20. Following the transaction, the insider owned 612,664 shares in the company, valued at approximately $6,543,251.52. The trade was a 0.47% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 43,182 shares of company stock valued at $470,822 in the last 90 days. 21.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Serve Robotics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Headlands Technologies LLC increased its stake in Serve Robotics by 58,553.6% during the second quarter. Headlands Technologies LLC now owns 16,423 shares of the company's stock worth $188,000 after acquiring an additional 16,395 shares during the last quarter. Tower Research Capital LLC TRC increased its stake in Serve Robotics by 2,385.2% during the second quarter. Tower Research Capital LLC TRC now owns 27,412 shares of the company's stock worth $314,000 after acquiring an additional 26,309 shares during the last quarter. Captrust Financial Advisors increased its stake in Serve Robotics by 16.5% during the second quarter. Captrust Financial Advisors now owns 479,347 shares of the company's stock worth $5,484,000 after acquiring an additional 67,770 shares during the last quarter. Militia Capital Partners LP acquired a new stake in Serve Robotics during the second quarter worth $924,000. Finally, Engineers Gate Manager LP acquired a new stake in Serve Robotics during the second quarter worth $126,000.

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.

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