Serve Robotics (NASDAQ:SERV) Trading Down 4.7% - Time to Sell?

Key Points

• Serve Robotics Inc. (NASDAQ: SERV) saw its shares drop by 4.7%, closing at $9.78, with trading volume significantly down by 68% compared to its average.
• Analysts have mixed views on the stock, with one giving it a Strong Buy rating and three assigning a Buy rating, leading to a consensus target price of $18.67.
• The company reported a quarterly EPS of (0.36), missing estimates, while its revenue was slightly above expectations at $0.64 million.

Shares of Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) fell 4.7% on Tuesday . The stock traded as low as $9.86 and last traded at $9.78. 2,274,482 shares changed hands during mid-day trading, a decline of 68% from the average session volume of 7,075,841 shares. The stock had previously closed at $10.26.

Wall Street Analyst Weigh In

SERV has been the subject of a number of recent analyst reports. Cantor Fitzgerald initiated coverage on Serve Robotics in a report on Thursday, May 22nd. They set an "overweight" rating for the company. Seaport Res Ptn cut Serve Robotics from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 11th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $18.67.

Serve Robotics Stock Performance

The stock has a market capitalization of $577.56 million, a PE ratio of -8.39 and a beta of -0.11. The business has a 50 day moving average of $10.86 and a two-hundred day moving average of $9.82.

Serve Robotics (NASDAQ:SERV - Get Free Report) last issued its quarterly 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). The business 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%. On average, equities analysts expect that Serve Robotics Inc. will post -0.98 EPS for the current fiscal year.

Insider Activity

In related news, Director David Michael Goldberg sold 10,700 shares of the business's stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $10.63, for a total transaction of $113,741.00. Following the completion of the transaction, the director directly owned 50,725 shares of the company's stock, valued at $539,206.75. The trade was a 17.42% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Anthony Armenta sold 2,915 shares of the business's stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $10.68, for a total value of $31,132.20. Following the completion of the sale, the insider directly owned 612,664 shares of the company's stock, valued at $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. Insiders sold a total of 43,182 shares of company stock worth $470,822 over the last three months. Company insiders own 5.50% of the company's stock.

Institutional Investors Weigh In On Serve Robotics

A number of institutional investors and hedge funds have recently bought and sold shares of SERV. Uber Technologies Inc purchased a new position in shares of Serve Robotics during the 4th quarter worth $71,534,000. Capital Fund Management S.A. purchased a new position in Serve Robotics in the first quarter valued at about $4,244,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Serve Robotics by 616.9% in the first 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 last quarter. Geode Capital Management LLC lifted its holdings in Serve Robotics by 176.0% during the 2nd 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 during the last quarter. Finally, Cubist Systematic Strategies LLC acquired a new stake in shares of Serve Robotics during the 1st quarter worth approximately $2,064,000.

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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