Serve Robotics (NASDAQ:SERV) Stock Price Up 3.2% - Here's Why

Key Points

• Serve Robotics Inc. (NASDAQ:SERV) saw a stock price increase of 3.2%, closing at $10.81 after trading as high as $10.94, although the trading volume decreased significantly, down 75% from its average.
• Wall Street analysts have a consensus rating of "Buy" for Serve Robotics, with an average target price of $18.67, as three analysts rated it a buy and two a strong buy.
• Serve Robotics reported earnings of ($0.36) per share for the last quarter, missing estimates, and analysts expect a net loss of -0.98 earnings per share for the current year.

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s stock price was up 3.2% during mid-day trading on Monday . The stock traded as high as $10.94 and last traded at $10.81. Approximately 1,802,596 shares changed hands during trading, a decline of 75% from the average daily volume of 7,167,163 shares. The stock had previously closed at $10.47.

Wall Street Analysts Forecast Growth

Separately, Cantor Fitzgerald started coverage on shares of Serve Robotics in a research report on Thursday, May 22nd. They set an "overweight" rating on the stock. Three equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $18.67.

Serve Robotics Price Performance

The firm has a market cap of $591.76 million, a PE ratio of -9.03 and a beta of -0.11. The stock's fifty day simple moving average is $11.09 and its 200-day simple moving average is $10.11.

Serve Robotics (NASDAQ:SERV - Get Free Report) last posted 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). The firm had revenue of $0.64 million during the quarter, compared to analyst estimates of $0.63 million. Serve Robotics had a negative net margin of 3,726.00% and a negative return on equity of 41.59%. Analysts expect that Serve Robotics Inc. will post -0.98 earnings per share for the current year.

Insider Activity

In other Serve Robotics news, CFO Brian Read sold 2,592 shares of the firm's stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $10.64, for a total transaction of $27,578.88. Following the completion of the transaction, the chief financial officer directly owned 393,674 shares in the company, valued at approximately $4,188,691.36. This trade represents a 0.65% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director David Michael Goldberg sold 10,700 shares of the firm's stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $10.63, for a total transaction of $113,741.00. Following the sale, the director directly owned 50,725 shares in the company, valued at $539,206.75. This represents a 17.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 52,082 shares of company stock worth $550,477 over the last 90 days. 21.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Serve Robotics

Several institutional investors have recently bought and sold shares of SERV. Charles Schwab Investment Management Inc. increased its holdings in shares of Serve Robotics by 13.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 12,728 shares of the company's stock valued at $73,000 after purchasing an additional 1,545 shares during the period. Creative Planning lifted 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 acquiring an additional 2,655 shares during the period. Allworth Financial LP increased its stake 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 buying an additional 2,964 shares in the last quarter. Jefferies Financial Group Inc. increased its position in Serve Robotics by 30.3% in the fourth quarter. Jefferies Financial Group Inc. now owns 17,200 shares of the company's stock worth $232,000 after purchasing an additional 4,000 shares during the period. Finally, PFG Investments LLC grew its position in shares of Serve Robotics by 12.3% during the 1st quarter. PFG Investments LLC now owns 36,498 shares of the company's stock worth $210,000 after buying an additional 4,000 shares during the period.

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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