Serve Robotics (NASDAQ:SERV) Stock Price Down 9.7% - Here's What Happened

Key Points

• Serve Robotics' stock price dropped by 9.7% to $10.03 on Tuesday, with trading volume declining by 60% compared to its average session volume.
• Analysts have mixed reviews on the stock with a consensus rating of "Buy" and an average price target of $17.75, while some firms, like Seaport Res Ptn, have downgraded it to "hold."
• Recent earnings reports showed Serve Robotics reported a loss of ($0.36) EPS, missing estimates, despite slightly exceeding revenue expectations at $0.64 million.

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s share price fell 9.7% on Tuesday . The stock traded as low as $10.05 and last traded at $10.03. 2,856,515 shares traded hands during trading, a decline of 60% from the average session volume of 7,135,778 shares. The stock had previously closed at $11.10.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SERV. Cantor Fitzgerald initiated coverage on Serve Robotics in a research note on Thursday, May 22nd. They set an "overweight" rating on the stock. Singular Research raised Serve Robotics to a "moderate buy" rating in a research note on Tuesday, August 26th. Seaport Res Ptn downgraded Serve Robotics from a "strong-buy" rating to a "hold" rating in a report on Monday, August 11th. Finally, Wedbush assumed coverage on Serve Robotics in a report on Wednesday, August 27th. They issued an "outperform" rating and a $15.00 target price on the stock. One research 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.com, Serve Robotics presently has a consensus rating of "Buy" and an average price target of $17.75.

Serve Robotics Stock Up 0.6%

The company has a market capitalization of $598.82 million, a price-to-earnings ratio of -8.70 and a beta of -0.19. The stock has a fifty day moving average price of $10.60 and a two-hundred day moving average price of $9.25.

Serve Robotics (NASDAQ:SERV - Get Free Report) last released its quarterly 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 company had revenue of $0.64 million during the quarter, compared to analyst estimates 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, research analysts forecast that Serve Robotics Inc. will post -0.98 earnings per share for the current fiscal year.

Insider Transactions at Serve Robotics

In other Serve Robotics news, General Counsel Evan Dunn sold 5,000 shares of the company's stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $10.01, for a total transaction of $50,050.00. Following the completion of the sale, the general counsel directly owned 230,767 shares in the company, valued at $2,309,977.67. This represents a 2.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, 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 transaction 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. The trade was a 0.39% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 53,103 shares of company stock valued at $558,253. Corporate insiders own 5.50% of the company's stock.

Institutional Investors Weigh In On Serve Robotics

A number of large investors have recently modified their holdings of the stock. Exchange Traded Concepts LLC grew its stake in shares of Serve Robotics by 12.9% in 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 in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Serve Robotics by 176.0% in the 2nd 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. bought a new stake in shares of Serve Robotics in the 1st quarter worth approximately $4,244,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Serve Robotics by 6.3% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 721,826 shares of the company's stock valued at $8,258,000 after purchasing an additional 42,812 shares during the period. Finally, Legal & General Group Plc raised its stake in Serve Robotics by 14.9% during the 2nd quarter. Legal & General Group Plc now owns 693,929 shares of the company's stock valued at $7,261,000 after acquiring an additional 89,809 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.