Serve Robotics (NASDAQ:SERV) Stock Price Down 8.8% - What's Next?

Key Points

• Serve Robotics Inc. experienced an 8.8% decline in share price during mid-day trading, closing at $12.97 after reaching a low of $12.35.
• Analysts have mixed views on the stock, with five holding a Buy rating, one a Hold rating, and one a Sell rating, alongside an average target price of $18.50.
• Insider trading activity included CEO Ali Kashani selling 164,735 shares at an average price of $10.33, reducing his stake by 4.58%.

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s share price dropped 8.8% during mid-day trading on Wednesday . The company traded as low as $12.35 and last traded at $12.97. Approximately 12,058,644 shares changed hands during trading, an increase of 44% from the average daily volume of 8,356,948 shares. The stock had previously closed at $14.22.

Analyst Ratings Changes

SERV has been the topic of a number of recent analyst reports. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Serve Robotics in a research report on Wednesday, October 8th. Citigroup reaffirmed an "outperform" rating on shares of Serve Robotics in a research report on Monday, October 13th. Singular Research raised Serve Robotics to a "moderate buy" rating in a research report on Tuesday, August 26th. Northland Securities set a $26.00 target price on Serve Robotics in a research report on Monday, October 13th. Finally, Wedbush started coverage on Serve Robotics in a research report on Wednesday, August 27th. They set an "outperform" rating and a $15.00 price target on the stock. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $18.50.

Serve Robotics Trading Down 8.8%

The firm has a 50-day simple moving average of $12.22 and a two-hundred day simple moving average of $10.46. The company has a market capitalization of $776.67 million, a price-to-earnings ratio of -11.28 and a beta of -0.70.

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 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 analyst estimates of $0.63 million. On average, sell-side analysts forecast that Serve Robotics Inc. will post -0.98 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Ali Kashani sold 164,735 shares of the company's stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $10.33, for a total transaction of $1,701,712.55. Following the completion of the sale, the chief executive officer owned 3,434,002 shares in the company, valued at approximately $35,473,240.66. This represents a 4.58% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Touraj Parang sold 53,690 shares of the company's stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $10.35, for a total value of $555,691.50. Following the sale, the chief operating officer owned 1,365,416 shares of the company's stock, valued at approximately $14,132,055.60. This trade represents a 3.78% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 390,102 shares of company stock worth $4,584,727. Insiders own 21.40% of the company's stock.

Institutional Trading of Serve Robotics

Large investors have recently made changes to their positions in the stock. Farther Finance Advisors LLC bought a new stake in shares of Serve Robotics during the 3rd quarter worth about $27,000. Allworth Financial LP boosted its stake 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 acquiring an additional 2,964 shares in the last quarter. KLP Kapitalforvaltning AS bought a new stake in shares of Serve Robotics during the 1st quarter worth about $49,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Serve Robotics during the 1st quarter worth about $49,000. Finally, Ameritas Investment Partners Inc. bought a new stake in shares of Serve Robotics during the 2nd quarter worth about $55,000.

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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