Serve Robotics (NASDAQ:SERV) Stock Price Down 2.7% - What's Next?

Key Points

• Serve Robotics Inc. (NASDAQ:SERV) experienced a 2.7% decline in its stock price, trading at $11.68, with a notable drop in average session volume by 31%.
• Despite the recent stock decrease, analysts maintain a generally positive outlook with an average rating of "Buy" and a price target of $17.75.
• Recent insider trading includes COO Touraj Parang and CEO Ali Kashani selling significant shares, reducing their ownership stakes by 3.78% and 4.58% respectively.

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) shares fell 2.7% on Friday . The company traded as low as $11.64 and last traded at $11.68. 5,158,336 shares changed hands during trading, a decline of 31% from the average session volume of 7,506,437 shares. The stock had previously closed at $12.00.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SERV. Singular Research raised shares of Serve Robotics to a "moderate buy" rating in a research report on Tuesday, August 26th. 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. Finally, Wedbush began coverage on shares of Serve Robotics in a research report on Wednesday, August 27th. They set an "outperform" rating and a $15.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $17.75.

Serve Robotics Stock Down 2.7%

The stock has a market cap of $699.40 million, a P/E ratio of -10.16 and a beta of -0.19. The business's 50-day simple moving average is $10.95 and its two-hundred day simple moving average is $9.51.

Serve Robotics (NASDAQ:SERV - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported ($0.36) earnings per share for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.13). The business had revenue of $0.64 million for 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%. Analysts anticipate that Serve Robotics Inc. will post -0.98 earnings per share for the current fiscal year.

Insider Activity

In other Serve Robotics news, COO Touraj Parang sold 53,690 shares of the 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 transaction, the chief operating officer owned 1,365,416 shares in the company, valued at $14,132,055.60. This trade represents a 3.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Ali Kashani sold 164,735 shares of the firm's stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $10.33, for a total transaction of $1,701,712.55. Following the completion of the transaction, the chief executive officer owned 3,434,002 shares of the company's stock, valued at $35,473,240.66. This trade represents a 4.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 325,299 shares of company stock valued at $3,532,177. 5.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Serve Robotics

Large investors have recently modified their holdings of the company. Allworth Financial LP boosted its position in shares of Serve Robotics by 316.7% in the second 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. Ameritas Investment Partners Inc. bought a new stake in Serve Robotics during the second quarter valued at approximately $55,000. Total Investment Management Inc. bought a new stake in Serve Robotics during the second quarter valued at approximately $76,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in Serve Robotics during the first quarter valued at approximately $49,000. Finally, KLP Kapitalforvaltning AS bought a new stake in Serve Robotics during the first quarter valued at approximately $49,000.

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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