Serve Robotics (NASDAQ:SERV) Stock Price Down 1.4% - What's Next?

Key Points

• Serve Robotics' stock price declined by 1.4%, dropping to $9.60 during mid-day trading, with a significant decrease in trading volume at 1,761,847 shares.
• Analysts rate Serve Robotics with a consensus of "Buy" and an average price target of $17.75, although the stock has seen a recent downgrade from "strong-buy" to "hold".
• The company reported a loss of ($0.36) EPS in its last quarterly earnings, falling short of the consensus estimate, with a revenue of $0.64 million.

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s stock price dropped 1.4% during mid-day trading on Thursday . The company traded as low as $9.58 and last traded at $9.60. Approximately 1,761,847 shares changed hands during trading, a decline of 75% from the average daily volume of 7,116,383 shares. The stock had previously closed at $9.73.

Wall Street Analysts Forecast Growth

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

Serve Robotics Stock Performance

The stock has a fifty day moving average of $10.65 and a 200 day moving average of $9.29. The company has a market capitalization of $595.21 million, a PE ratio of -8.64 and a beta of -0.19.

Serve Robotics (NASDAQ:SERV - Get Free Report) last issued its quarterly earnings data 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). The firm had revenue of $0.64 million for the quarter, compared to analysts' expectations 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 predict that Serve Robotics Inc. will post -0.98 EPS for the current year.

Insider Buying and Selling at Serve Robotics

In other news, COO Touraj Parang sold 5,565 shares of the company's stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $10.64, for a total transaction of $59,211.60. Following the sale, the chief operating officer directly owned 1,419,106 shares of the company's stock, valued at $15,099,287.84. This represents a 0.39% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Anthony Armenta sold 2,915 shares of the stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $10.68, for a total value of $31,132.20. Following the sale, the insider owned 612,664 shares in the company, valued at $6,543,251.52. The trade was a 0.47% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 53,103 shares of company stock worth $558,253. Company insiders own 21.40% of the company's stock.

Institutional Trading of Serve Robotics

A number of hedge funds and other institutional investors have recently bought and sold shares of SERV. Charles Schwab Investment Management Inc. grew its position in shares of Serve Robotics by 13.8% during the 1st 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 in the last quarter. Creative Planning grew its position in shares of Serve Robotics by 25.9% during the 2nd quarter. Creative Planning now owns 12,923 shares of the company's stock worth $148,000 after buying an additional 2,655 shares in the last quarter. 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 worth $45,000 after buying an additional 2,964 shares in the last quarter. Brevan Howard Capital Management LP grew its position in shares of Serve Robotics by 34.6% during the 2nd quarter. Brevan Howard Capital Management LP now owns 14,400 shares of the company's stock worth $165,000 after buying an additional 3,699 shares in the last quarter. Finally, Jefferies Financial Group Inc. grew its position in shares of Serve Robotics by 30.3% during the 4th quarter. Jefferies Financial Group Inc. now owns 17,200 shares of the company's stock worth $232,000 after buying an additional 4,000 shares in 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.

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