Serve Robotics (NASDAQ:SERV) Trading Up 10.5% - What's Next?

Key Points

• Shares of Serve Robotics Inc. (NASDAQ:SERV) rose by 10.5% during mid-day trading, reaching a high of $16.97 from a previous close of $14.90, with trading volume significantly increased by 126%.
• Equity research analysts have mixed opinions on Serve Robotics, with ratings ranging from "strong buy" to "sell", leading to an average rating of "Moderate Buy" and a consensus price target of $18.50.
• Serve Robotics reported a loss of ($0.36) earnings per share in its latest quarterly earnings, missing analyst expectations while generating $0.64 million in revenue for the quarter.

Shares of Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) were up 10.5% during mid-day trading on Monday . The company traded as high as $16.97 and last traded at $16.47. Approximately 18,473,242 shares were traded during mid-day trading, an increase of 126% from the average daily volume of 8,166,010 shares. The stock had previously closed at $14.90.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on SERV shares. Seaport Res Ptn downgraded Serve Robotics from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 11th. Wedbush started coverage on Serve Robotics in a research report on Wednesday, August 27th. They issued an "outperform" rating and a $15.00 price objective on the stock. Singular Research upgraded Serve Robotics to a "moderate buy" rating in a research report on Tuesday, August 26th. Northland Securities set a $26.00 price objective on Serve Robotics in a research report on Monday. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Serve Robotics in a research report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $18.50.

Serve Robotics Stock Up 10.5%

The stock has a 50-day simple moving average of $11.50 and a two-hundred day simple moving average of $10.01. The firm has a market cap of $986.22 million, a PE ratio of -14.32 and a beta of -0.70.

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

Insider Activity

In other news, insider Euan Abraham sold 25,000 shares of the firm's stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $14.99, for a total transaction of $374,750.00. Following the transaction, the insider directly owned 227,019 shares of the company's stock, valued at approximately $3,403,014.81. This trade represents a 9.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Evan Dunn sold 20,458 shares of the firm's stock in a transaction dated Tuesday, October 7th. The shares were sold at an average price of $15.09, for a total value of $308,711.22. Following the transaction, the general counsel directly owned 210,309 shares in the company, valued at $3,173,562.81. This trade represents a 8.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 365,102 shares of company stock valued at $4,134,977. Company insiders own 21.40% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of SERV. Allworth Financial LP grew its stake in shares of 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. bought a new position in shares of Serve Robotics during the first quarter valued at about $49,000. KLP Kapitalforvaltning AS bought a new stake in shares of Serve Robotics in the first quarter worth about $49,000. Ameritas Investment Partners Inc. bought a new stake in shares of Serve Robotics in the second quarter worth about $55,000. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Serve Robotics by 13.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 12,728 shares of the company's stock worth $73,000 after purchasing an additional 1,545 shares during the last quarter.

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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