Serve Robotics (NASDAQ:SERV) Trading Down 1.7% - Here's Why

Key Points

• Serve Robotics' stock (NASDAQ: SERV) fell by 1.7%, closing at $9.77, with a significant decrease in trading volume, down 77% compared to the average.
• Recent analyst ratings highlight positive sentiment, with several firms issuing a Buy rating and a consensus price target of $17.75, although one firm downgraded it to a Hold rating.
• In its latest earnings report, Serve Robotics missed EPS expectations by $0.13, reporting ($0.36) per share, while its quarterly revenue was slightly above forecasts at $0.64 million.

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s stock price was down 1.7% on Friday . The company traded as low as $9.76 and last traded at $9.77. Approximately 1,605,875 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 7,099,466 shares. The stock had previously closed at $9.94.

Analyst Ratings Changes

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

Serve Robotics Stock Up 0.6%

The stock's 50-day simple moving average is $10.62 and its 200 day simple moving average is $9.26. The stock has a market capitalization of $598.80 million, a price-to-earnings ratio of -8.70 and a beta of -0.19.

Serve Robotics (NASDAQ:SERV - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.13). Serve Robotics had a negative return on equity of 36.47% and a negative net margin of 3,726.00%.The company had revenue of $0.64 million for the quarter, compared to the consensus estimate of $0.63 million. As a group, equities research analysts anticipate that Serve Robotics Inc. will post -0.98 earnings per share for the current year.

Insider Activity

In other Serve Robotics news, insider Anthony Armenta sold 2,915 shares of the stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $10.68, for a total value of $31,132.20. Following the completion of the transaction, the insider directly 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 Securities & Exchange Commission, which can be accessed through this link. Also, COO Touraj Parang sold 5,565 shares of the stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $10.64, for a total value of $59,211.60. Following the completion of the sale, the chief operating officer directly owned 1,419,106 shares of the company's stock, valued at approximately $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 quarter, insiders sold 53,103 shares of company stock worth $558,253. 5.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Serve Robotics

A number of hedge funds have recently added to or reduced their stakes in the company. Exchange Traded Concepts LLC boosted its position in shares of Serve Robotics by 12.9% during 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 during the last quarter. Geode Capital Management LLC boosted its stake in Serve Robotics by 176.0% in the second quarter. Geode Capital Management LLC now owns 878,668 shares of the company's stock worth $10,054,000 after buying an additional 560,361 shares in the last quarter. Capital Fund Management S.A. bought a new position in Serve Robotics during the 1st quarter worth approximately $4,244,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Serve Robotics by 6.3% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 721,826 shares of the company's stock worth $8,258,000 after buying an additional 42,812 shares during the last quarter. Finally, Legal & General Group Plc lifted its stake in shares of Serve Robotics by 14.9% in the 2nd quarter. Legal & General Group Plc now owns 693,929 shares of the company's stock valued at $7,261,000 after purchasing an additional 89,809 shares during the period.

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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