Serve Robotics (NASDAQ:SERV) Stock Price Up 1.7% - Should You Buy?

Key Points

• Serve Robotics shares increased by 1.7% to $11.81, despite trading volume declining by 50% from average levels.
• Analysts have mixed views, with Wedbush giving a price target of $15 and a rating of "outperform," while others have issued a "hold" recommendation.
• Recent earnings revealed a loss of ($0.36) EPS, missing estimates, while the firm reported revenue slightly above expectations at $0.64 million.

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) shares shot up 1.7% during trading on Thursday . The stock traded as high as $11.96 and last traded at $11.81. 3,596,748 shares traded hands during mid-day trading, a decline of 50% from the average session volume of 7,136,141 shares. The stock had previously closed at $11.61.

Analysts Set New Price Targets

A number of equities analysts have issued reports on SERV shares. Seaport Res Ptn cut Serve Robotics from a "strong-buy" rating to a "hold" rating in a report on Monday, August 11th. Wedbush initiated coverage on Serve Robotics in a research report on Wednesday. They set an "outperform" rating and a $15.00 price objective for the company. Singular Research upgraded Serve Robotics to a "moderate buy" rating in a report on Tuesday. Finally, Cantor Fitzgerald began coverage on Serve Robotics in a research report on Thursday, May 22nd. They issued an "overweight" rating on the stock. One equities 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 company. According to MarketBeat, Serve Robotics has an average rating of "Buy" and a consensus price target of $17.75.

Serve Robotics Price Performance

The firm has a market capitalization of $684.51 million, a P/E ratio of -9.97 and a beta of -0.11. The firm's 50 day moving average is $10.64 and its two-hundred day moving average is $9.59.

Serve Robotics (NASDAQ:SERV - Get Free Report) last posted its quarterly earnings results 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 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 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Anthony Armenta sold 2,915 shares of Serve Robotics stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $10.68, for a total transaction of $31,132.20. Following the completion of the transaction, the insider owned 612,664 shares in the company, valued at approximately $6,543,251.52. This trade represents a 0.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, General Counsel Evan Dunn sold 5,000 shares of the company's stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $10.01, for a total value of $50,050.00. Following the completion of the sale, the general counsel owned 230,767 shares in the company, valued at $2,309,977.67. This represents a 2.12% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 54,398 shares of company stock worth $573,223 in the last three months. Insiders own 5.50% of the company's stock.

Institutional Investors Weigh In On Serve Robotics

Hedge funds have recently added to or reduced their stakes in the business. Allworth Financial LP increased its holdings 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 purchasing an additional 2,964 shares during the last quarter. Ameritas Investment Partners Inc. acquired a new stake in shares of Serve Robotics during the 2nd quarter worth about $55,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Serve Robotics during the 1st quarter worth about $49,000. KLP Kapitalforvaltning AS bought a new stake in shares of Serve Robotics during the 1st quarter worth about $49,000. Finally, American Century Companies Inc. acquired a new position in Serve Robotics in the 2nd quarter valued at about $122,000.

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.

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