Serve Robotics (NASDAQ:SERV) Trading Down 2.4% - Here's Why

Key Points

• Shares of Serve Robotics Inc. fell 2.4%, closing at $10.13, with trading volume down 66% from the average.
• Analysts have a consensus rating of "Buy" with a target price of $18.67, and Cantor Fitzgerald has given the stock an "overweight" rating.
• Insiders sold a total of 43,182 shares in the last three months, reflecting a trend of insider activity amidst the stock's fluctuating performance.

Shares of Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) were down 2.4% on Tuesday . The company traded as low as $9.76 and last traded at $10.13. Approximately 2,444,075 shares were traded during mid-day trading, a decline of 66% from the average daily volume of 7,159,987 shares. The stock had previously closed at $10.38.

Analyst Ratings Changes

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

Serve Robotics Price Performance

The stock has a market capitalization of $580.08 million, a P/E ratio of -8.86 and a beta of -0.11. The company has a 50 day simple moving average of $11.05 and a 200-day simple moving average of $10.05.

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 analysts' consensus estimates of ($0.23) by ($0.13). The company had revenue of $0.64 million for the quarter, compared to analysts' expectations of $0.63 million. Serve Robotics had a negative return on equity of 41.59% and a negative net margin of 3,726.00%. As a group, equities analysts forecast that Serve Robotics Inc. will post -0.98 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Ali Kashani sold 7,467 shares of the stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $10.74, for a total transaction of $80,195.58. Following the transaction, the chief executive officer directly owned 3,598,737 shares in the company, valued at approximately $38,650,435.38. This represents a 0.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Anthony Armenta sold 2,915 shares of the firm's stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $10.68, for a total value of $31,132.20. Following the transaction, the insider owned 612,664 shares in the company, valued at approximately $6,543,251.52. The trade was a 0.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 43,182 shares of company stock worth $470,822. 21.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Allworth Financial LP raised its stake in 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. Mirae Asset Global Investments Co. Ltd. purchased a new position in Serve Robotics during the first quarter valued at $49,000. KLP Kapitalforvaltning AS purchased a new position in Serve Robotics during the first quarter valued at $49,000. Wells Fargo & Company MN raised its stake in Serve Robotics by 294.0% during the fourth quarter. Wells Fargo & Company MN now owns 10,855 shares of the company's stock valued at $147,000 after buying an additional 8,100 shares during the last quarter. Finally, Police & Firemen s Retirement System of New Jersey purchased a new position in Serve Robotics during the second quarter valued at $126,000.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.