Serve Robotics (NASDAQ:SERV) Trading Up 4.2% - Still a Buy?

Key Points

• Serve Robotics Inc. (NASDAQ:SERV) saw a 4.2% increase in its stock price, reaching a last traded value of $13.12, with significant trading volume of over 10 million shares.
• Analysts have mixed ratings on the stock, with one Strong Buy, four Buy, one Hold, and one Sell rating, and an average consensus target price of $17.75.
• The company reported a quarterly loss of ($0.36) earnings per share, missing estimates, but had a revenue that slightly exceeded expectations at $0.64 million.

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) was up 4.2% during trading on Friday . The company traded as high as $13.58 and last traded at $13.12. Approximately 10,433,279 shares traded hands during mid-day trading, an increase of 39% from the average daily volume of 7,506,116 shares. The stock had previously closed at $12.59.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on SERV shares. Wedbush started coverage on Serve Robotics in a research report on Wednesday, August 27th. They issued an "outperform" rating and a $15.00 target price on the stock. Seaport Res Ptn lowered Serve Robotics from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 11th. Singular Research upgraded Serve Robotics to a "moderate buy" rating in a research report on Tuesday, August 26th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Serve Robotics in a research report on Saturday, September 27th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $17.75.

Serve Robotics Trading Up 4.2%

The company has a fifty day simple moving average of $11.04 and a 200-day simple moving average of $9.70. The company has a market capitalization of $785.63 million, a PE ratio of -11.41 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). 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 predict that Serve Robotics Inc. will post -0.98 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Brian Read sold 10,216 shares of Serve Robotics stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $9.82, for a total value of $100,321.12. Following the completion of the transaction, the chief financial officer owned 373,263 shares in the company, valued at approximately $3,665,442.66. This trade represents a 2.66% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, General Counsel Evan Dunn sold 5,000 shares of the firm's stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $10.01, for a total value of $50,050.00. Following the sale, the general counsel directly owned 230,767 shares in the company, valued at $2,309,977.67. This trade represents a 2.12% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 325,233 shares of company stock worth $3,532,528. Corporate insiders own 5.50% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Allworth Financial LP increased its position in Serve Robotics by 316.7% during the second quarter. Allworth Financial LP now owns 3,900 shares of the company's stock worth $45,000 after buying an additional 2,964 shares during the period. Ameritas Investment Partners Inc. purchased a new stake in shares of Serve Robotics in the second quarter valued at about $55,000. Total Investment Management Inc. acquired a new position in shares of Serve Robotics during the second quarter worth about $76,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Serve Robotics in the first quarter valued at about $49,000. Finally, KLP Kapitalforvaltning AS acquired a new stake in Serve Robotics in the first quarter valued at about $49,000.

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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