Serve Robotics (NASDAQ:SERV) Shares Up 4.5% - Should You Buy?

Key Points

• Serve Robotics' shares rose by 4.5%, trading at $10.45, with volume significantly down by 56% from the average.
• Analysts have set a consensus target price of $17.75, with one strong buy, four buy, and one hold ratings issued.
• The company reported a loss of ($0.36) earnings per share for the last quarter, missing estimates, alongside a revenue of $0.64 million.

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s share price traded up 4.5% during trading on Monday . The company traded as high as $10.71 and last traded at $10.45. 3,127,787 shares traded hands during trading, a decline of 56% from the average session volume of 7,087,767 shares. The stock had previously closed at $10.00.

Analysts Set New Price Targets

SERV has been the topic of a number of research analyst reports. Seaport Res Ptn lowered shares of Serve Robotics from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 11th. Cantor Fitzgerald assumed coverage on shares of Serve Robotics in a research report on Thursday, May 22nd. They issued an "overweight" rating for the company. 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 on the stock. Finally, Singular Research raised shares of Serve Robotics to a "moderate buy" rating in a report on Tuesday, August 26th. One 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. According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $17.75.

Serve Robotics Stock Up 4.7%

The business has a fifty day moving average price of $10.60 and a 200 day moving average price of $9.20. The company has a market capitalization of $626.64 million, a P/E ratio of -9.05 and a beta of -0.16.

Serve Robotics (NASDAQ:SERV - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.13). The business 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%. As a group, equities analysts forecast that Serve Robotics Inc. will post -0.98 earnings per share for the current year.

Insider Transactions at Serve Robotics

In other Serve Robotics news, COO Touraj Parang sold 5,565 shares of Serve Robotics stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $10.64, for a total value of $59,211.60. Following the transaction, the chief operating officer owned 1,419,106 shares in the company, valued at $15,099,287.84. This trade represents a 0.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Brian Read sold 10,216 shares of the company's stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $9.82, for a total transaction of $100,321.12. Following the completion of the transaction, the chief financial officer owned 373,263 shares of the company's stock, valued at approximately $3,665,442.66. This trade represents a 2.66% decrease in their position. The disclosure for this sale can be found here. Insiders sold 51,103 shares of company stock worth $533,073 over the last 90 days. Insiders own 21.40% of the company's stock.

Hedge Funds Weigh In On Serve Robotics

Institutional investors have recently added to or reduced their stakes in the stock. Exchange Traded Concepts LLC lifted its position in Serve Robotics by 12.9% during the second quarter. Exchange Traded Concepts LLC now owns 996,283 shares of the company's stock valued at $11,397,000 after buying an additional 113,761 shares during the period. Geode Capital Management LLC raised 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 purchasing an additional 560,361 shares during the last quarter. Capital Fund Management S.A. purchased a new stake in shares of Serve Robotics in the first quarter valued at approximately $4,244,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Serve Robotics by 6.3% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 721,826 shares of the company's stock worth $8,258,000 after buying an additional 42,812 shares during the last quarter. Finally, Legal & General Group Plc raised its holdings in shares of Serve Robotics by 14.9% in the 2nd quarter. Legal & General Group Plc now owns 693,929 shares of the company's stock valued at $7,261,000 after buying an additional 89,809 shares during the period.

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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