Serve Robotics (NASDAQ:SERV) Trading 2.4% Higher - Should You Buy?

Key Points

• Serve Robotics' stock traded up 2.4% to $9.94, despite a significant decline in trading volume, with only 1.4 million shares exchanged, compared to an average of 7 million.
• Analyst sentiments are mixed, with one downgrading the stock to a "hold" and others issuing ratings between "strong buy" and "buy," reflecting an average rating of "buy" and a consensus price target of $18.67.
• Recent earnings revealed a loss of ($0.36) EPS, which was worse than the expected loss of ($0.23), indicating ongoing challenges for the company despite a slight revenue increase to $0.64 million.

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) shares traded up 2.4% during mid-day trading on Monday . The stock traded as high as $10.10 and last traded at $9.94. 1,417,632 shares changed hands during trading, a decline of 80% from the average session volume of 7,023,735 shares. The stock had previously closed at $9.71.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. Seaport Res Ptn downgraded Serve Robotics from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 11th. Cantor Fitzgerald assumed coverage on Serve Robotics in a research note on Thursday, May 22nd. They set an "overweight" rating for the company. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $18.67.

Serve Robotics Stock Performance

The firm has a 50 day moving average of $10.67 and a two-hundred day moving average of $9.63. The stock has a market cap of $595.83 million, a P/E ratio of -8.68 and a beta of -0.11.

Serve Robotics (NASDAQ:SERV - Get Free Report) last announced 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 net margin of 3,726.00% and a negative return on equity of 36.47%. The business had revenue of $0.64 million for the quarter, compared to the consensus estimate of $0.63 million. On average, sell-side analysts anticipate that Serve Robotics Inc. will post -0.98 EPS for the current fiscal year.

Insider Buying and Selling

In other Serve Robotics news, CFO Brian Read sold 2,592 shares of the firm's stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $10.64, for a total value of $27,578.88. Following the completion of the sale, the chief financial officer 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David Michael Goldberg sold 10,700 shares of the firm's stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $10.63, for a total value of $113,741.00. Following the completion of the sale, the director owned 50,725 shares of the company's stock, valued at $539,206.75. This represents a 17.42% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 42,182 shares of company stock worth $459,302. 5.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Serve Robotics

Hedge funds have recently modified their holdings of the company. Advisory Services Network LLC acquired a new position in shares of Serve Robotics in the 2nd quarter worth approximately $499,000. Headlands Technologies LLC raised its holdings in shares of Serve Robotics by 58,553.6% in the 2nd quarter. Headlands Technologies LLC now owns 16,423 shares of the company's stock worth $188,000 after buying an additional 16,395 shares in the last quarter. Tower Research Capital LLC TRC raised its holdings in shares of Serve Robotics by 2,385.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 27,412 shares of the company's stock worth $314,000 after buying an additional 26,309 shares in the last quarter. Captrust Financial Advisors raised its holdings in shares of Serve Robotics by 16.5% in the 2nd quarter. Captrust Financial Advisors now owns 479,347 shares of the company's stock worth $5,484,000 after buying an additional 67,770 shares in the last quarter. Finally, Militia Capital Partners LP acquired a new position in shares of Serve Robotics in the 2nd quarter worth approximately $924,000.

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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