Serve Robotics (NASDAQ:SERV) Shares Up 1.7% - Here's What Happened

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) rose 1.7% during mid-day trading on Thursday . The stock traded as high as $11.96 and last traded at $11.81. Approximately 3,596,748 shares traded hands during mid-day trading, a decline of 50% from the average daily volume of 7,136,141 shares. The stock had previously closed at $11.61.

Wall Street Analysts Forecast Growth

SERV has been the subject of several analyst reports. Seaport Res Ptn downgraded shares of Serve Robotics from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 11th. Cantor Fitzgerald assumed coverage on shares of Serve Robotics in a research note on Thursday, May 22nd. They set an "overweight" rating for the company. Wedbush assumed coverage on shares of Serve Robotics in a research note on Wednesday, August 27th. They set an "outperform" rating and a $15.00 price target for the company. Finally, Singular Research raised shares of Serve Robotics to a "moderate buy" rating in a research note on Tuesday, August 26th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $17.75.

Serve Robotics Price Performance

The company has a market capitalization of $664.67 million, a PE ratio of -9.65 and a beta of -0.16. The company's fifty day moving average is $10.66 and its 200-day moving average is $9.30.

Serve Robotics (NASDAQ:SERV - Get Free Report) last issued 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). The business had revenue of $0.64 million for the quarter, compared to analysts' expectations of $0.63 million. Serve Robotics had a negative net margin of 3,726.00% and a negative return on equity of 36.47%. Equities research analysts forecast that Serve Robotics Inc. will post -0.98 EPS for the current fiscal year.

Insiders Place Their Bets

In other Serve Robotics news, General Counsel Evan Dunn sold 5,000 shares of Serve Robotics stock in a transaction 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 transaction, the general counsel directly owned 230,767 shares of the company's stock, valued at approximately $2,309,977.67. The trade was a 2.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ali Kashani sold 7,467 shares of Serve Robotics stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $10.74, for a total transaction of $80,195.58. Following the completion of the transaction, the chief executive officer directly owned 3,598,737 shares in the company, valued at $38,650,435.38. This represents a 0.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 53,103 shares of company stock valued at $558,253. 21.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Serve Robotics

Several institutional investors and hedge funds have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. grew its holdings in Serve Robotics by 13.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 12,728 shares of the company's stock worth $73,000 after purchasing an additional 1,545 shares during the last quarter. Creative Planning grew its holdings in shares of Serve Robotics by 25.9% during the second quarter. Creative Planning now owns 12,923 shares of the company's stock valued at $148,000 after buying an additional 2,655 shares during the last quarter. Allworth Financial LP grew its holdings in shares of Serve Robotics by 316.7% during the second quarter. Allworth Financial LP now owns 3,900 shares of the company's stock valued at $45,000 after buying an additional 2,964 shares during the last quarter. Brevan Howard Capital Management LP grew its holdings in shares of Serve Robotics by 34.6% during the second quarter. Brevan Howard Capital Management LP now owns 14,400 shares of the company's stock valued at $165,000 after buying an additional 3,699 shares during the last quarter. Finally, Jefferies Financial Group Inc. grew its holdings in shares of Serve Robotics by 30.3% during the fourth quarter. Jefferies Financial Group Inc. now owns 17,200 shares of the company's stock valued at $232,000 after buying an additional 4,000 shares during the last quarter.

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.