Serve Robotics (NASDAQ:SERV) Shares Down 5.9% - What's Next?

Key Points

• Serve Robotics Inc. (NASDAQ:SERV) experienced a 5.9% drop in stock price, closing at $9.06, significantly lower than its previous close of $9.62.
• The company reported earnings of -$0.36 per share for the last quarter, missing the consensus estimate of -$0.23, along with a revenue of $0.64 million.
• Despite recent declines, the stock holds a consensus rating of "Buy" with a target price of $18.67 from analysts, indicating potential upside.

Shares of Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) were down 5.9% during mid-day trading on Wednesday . The company traded as low as $8.87 and last traded at $9.06. Approximately 2,544,091 shares traded hands during trading, a decline of 64% from the average daily volume of 7,069,957 shares. The stock had previously closed at $9.62.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Cantor Fitzgerald assumed coverage on Serve Robotics in a 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 report on Monday, August 11th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $18.67.

Serve Robotics Price Performance

The firm has a fifty day moving average price of $10.69 and a two-hundred day moving average price of $9.77. The stock has a market capitalization of $576.06 million, a PE ratio of -8.37 and a beta of -0.11.

Serve Robotics (NASDAQ:SERV - Get Free Report) last announced 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). Serve Robotics had a negative return on equity of 36.47% and a negative net margin of 3,726.00%.The firm had revenue of $0.64 million during the quarter, compared to the consensus estimate 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

In related news, CFO Brian Read sold 3,000 shares of the stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $12.15, for a total value of $36,450.00. Following the transaction, the chief financial officer owned 221,000 shares of the company's stock, valued at $2,685,150. This represents a 1.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David Michael Goldberg sold 10,700 shares of the stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $10.63, for a total value of $113,741.00. Following the completion of the transaction, the director directly owned 50,725 shares in the company, valued at approximately $539,206.75. This trade represents a 17.42% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 42,182 shares of company stock valued at $459,302 over the last 90 days. 5.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of SERV. Uber Technologies Inc bought a new position in Serve Robotics in the fourth quarter worth approximately $71,534,000. Capital Fund Management S.A. bought a new stake in Serve Robotics during the 1st quarter valued at $4,244,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Serve Robotics by 616.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 679,014 shares of the company's stock valued at $3,972,000 after acquiring an additional 584,302 shares in the last quarter. Geode Capital Management LLC boosted its position in Serve Robotics by 176.0% during the 2nd quarter. Geode Capital Management LLC now owns 878,668 shares of the company's stock valued at $10,054,000 after acquiring an additional 560,361 shares in the last quarter. Finally, Cubist Systematic Strategies LLC bought a new stake in Serve Robotics during the 1st quarter valued at $2,064,000.

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.