Serve Robotics (NASDAQ:SERV) Trading Down 3.3% - Here's Why

Key Points

• Serve Robotics Inc. (NASDAQ:SERV) experienced a 3.3% decline in stock price, trading as low as $13.92, with increased trading volume of over 9 million shares.
• Analysts have mixed ratings on SERV, with a consensus average rating of "Moderate Buy" and a price target of $18.50, while Weiss Ratings assigned a "sell (d-)" rating.
• The company's recent earnings report showed a loss of ($0.36) EPS, missing estimates, and a revenue of $0.64 million during the quarter.

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) traded down 3.3% on Tuesday . The company traded as low as $13.92 and last traded at $14.22. 9,303,950 shares were traded during mid-day trading, an increase of 12% from the average session volume of 8,338,157 shares. The stock had previously closed at $14.70.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on SERV shares. Weiss Ratings reiterated a "sell (d-)" rating on shares of Serve Robotics in a research report on Wednesday, October 8th. Northland Securities set a $26.00 target price on shares of Serve Robotics in a research report on Monday, October 13th. 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 price target on the stock. Singular Research upgraded shares of Serve Robotics to a "moderate buy" rating in a research report on Tuesday, August 26th. Finally, Seaport Res Ptn cut Serve Robotics from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 11th. Five equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $18.50.

Serve Robotics Price Performance

The business's 50-day simple moving average is $12.14 and its two-hundred day simple moving average is $10.44. The stock has a market cap of $851.49 million, a price-to-earnings ratio of -12.37 and a beta of -0.70.

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

Insider Activity at Serve Robotics

In other Serve Robotics news, CEO Ali Kashani sold 12,930 shares of the business's stock in a transaction that occurred on Tuesday, October 7th. The shares were sold at an average price of $15.08, for a total transaction of $194,984.40. Following the sale, the chief executive officer directly owned 3,421,072 shares of the company's stock, valued at $51,589,765.76. The trade was a 0.38% 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 5,000 shares of the company's stock in a transaction that occurred on Wednesday, September 24th. The shares were sold at an average price of $13.58, for a total transaction of $67,900.00. Following the completion of the transaction, the director owned 45,725 shares of the company's stock, valued at approximately $620,945.50. This trade represents a 9.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 390,102 shares of company stock valued at $4,584,727. Corporate insiders own 21.40% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of SERV. Farther Finance Advisors LLC acquired a new stake in shares of Serve Robotics in the third quarter valued at about $27,000. Allworth Financial LP increased its position in Serve Robotics by 316.7% during the 2nd quarter. Allworth Financial LP now owns 3,900 shares of the company's stock valued at $45,000 after purchasing an additional 2,964 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new position in Serve Robotics during the 1st quarter worth approximately $49,000. KLP Kapitalforvaltning AS acquired a new position in shares of Serve Robotics in the 1st quarter worth approximately $49,000. Finally, Ameritas Investment Partners Inc. acquired a new position in shares of Serve Robotics in the 2nd quarter worth approximately $55,000.

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.