Serve Robotics (NASDAQ:SERV) Trading Down 2.5% - What's Next?

Key Points

• Serve Robotics Inc. traded down 2.5% to $12.84, with trading volume significantly increased to 15,217,690 shares, over double the average session volume.
• Analysts have a consensus rating of “Buy” for Serve Robotics, with a target price of $17.75, despite mixed ratings from other firms.
• Insider trading activity has seen CFO Brian Read and another insider selling significant shares, contributing to a decrease in their holdings in the company.

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) traded down 2.5% during trading on Wednesday . The company traded as low as $12.75 and last traded at $12.84. 15,217,690 shares were traded during trading, an increase of 103% from the average session volume of 7,490,859 shares. The stock had previously closed at $13.17.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Seaport Res Ptn downgraded shares of Serve Robotics from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 11th. Singular Research raised shares of Serve Robotics to a "moderate buy" rating in a research report on Tuesday, August 26th. Finally, Wedbush assumed coverage on shares of Serve Robotics in a research report on Wednesday, August 27th. They set an "outperform" rating and a $15.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $17.75.

Serve Robotics Trading Down 2.5%

The business's 50-day moving average price is $10.94 and its 200-day moving average price is $9.45. The stock has a market cap of $768.88 million, a PE ratio of -11.17 and a beta of -0.19.

Serve Robotics (NASDAQ:SERV - Get Free Report) last released 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 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 36.47% and a negative net margin of 3,726.00%. As a group, analysts predict that Serve Robotics Inc. will post -0.98 earnings per share for the current year.

Insider Buying and Selling at Serve Robotics

In other Serve Robotics news, CFO Brian Read sold 3,941 shares of Serve Robotics stock in a transaction that occurred on Thursday, September 18th. The shares were sold at an average price of $12.70, for a total transaction of $50,050.70. Following the completion of the sale, the chief financial officer directly owned 356,498 shares in the company, valued at approximately $4,527,524.60. The trade was a 1.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Euan Abraham sold 25,000 shares of Serve Robotics stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $14.99, for a total transaction of $374,750.00. Following the sale, the insider owned 227,019 shares of the company's stock, valued at approximately $3,403,014.81. The trade was a 9.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 320,299 shares of company stock worth $3,464,277. Corporate insiders own 5.50% of the company's stock.

Hedge Funds Weigh In On Serve Robotics

Several large investors have recently made changes to their positions in SERV. Capital Fund Management S.A. acquired a new position in shares of Serve Robotics in the 1st quarter valued at $4,244,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Serve Robotics by 616.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 679,014 shares of the company's stock valued at $3,972,000 after purchasing an additional 584,302 shares during the period. Geode Capital Management LLC lifted its stake in shares of Serve Robotics by 176.0% in the 2nd quarter. Geode Capital Management LLC now owns 878,668 shares of the company's stock valued at $10,054,000 after purchasing an additional 560,361 shares during the period. Cubist Systematic Strategies LLC acquired a new position in shares of Serve Robotics in the 1st quarter valued at $2,064,000. Finally, Bank of America Corp DE lifted its stake in shares of Serve Robotics by 157.9% in the 2nd quarter. Bank of America Corp DE now owns 401,557 shares of the company's stock valued at $4,594,000 after purchasing an additional 245,858 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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