Serve Robotics' (SERV) "Sell (D-)" Rating Reaffirmed at Weiss Ratings

Key Points

• Serve Robotics has had its stock rating reaffirmed as "sell (D-)" by Weiss Ratings, reflecting ongoing concerns about its financial performance.
• The company reported a loss of $0.36 EPS for the last quarter, which was worse than the consensus estimate, highlighting challenges in meeting financial expectations.
• Despite a positive rating from some analysts, the average target price for Serve Robotics is currently at $17.75, indicating potential market uncertainty.

Serve Robotics (NASDAQ:SERV - Get Free Report)'s stock had its "sell (d-)" rating reissued by Weiss Ratings in a note issued to investors on Wednesday,Weiss Ratings reports.

Several other brokerages also recently issued reports on SERV. Wedbush started coverage on shares of Serve Robotics in a report on Wednesday, August 27th. They set an "outperform" rating and a $15.00 price target for the company. Singular Research upgraded Serve Robotics to a "moderate buy" rating in a report on Tuesday, August 26th. Finally, Seaport Res Ptn downgraded Serve Robotics from a "strong-buy" rating to a "hold" rating in a report on Monday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Serve Robotics presently has an average rating of "Moderate Buy" and an average target price of $17.75.

Serve Robotics Stock Performance

Shares of NASDAQ:SERV opened at $13.74 on Wednesday. The company has a fifty day moving average of $11.26 and a 200-day moving average of $9.85. The company has a market capitalization of $822.75 million, a PE ratio of -11.95 and a beta of -0.70. Serve Robotics has a 52-week low of $4.66 and a 52-week high of $24.35.

Serve Robotics (NASDAQ:SERV - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported ($0.36) earnings per share (EPS) 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 analyst estimates 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 forecast that Serve Robotics will post -0.98 EPS for the current fiscal year.

Insider Buying and Selling at Serve Robotics

In other Serve Robotics news, Director David Michael Goldberg sold 5,000 shares of the company's stock in a transaction 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 sale, the director owned 45,725 shares of the company's stock, valued at approximately $620,945.50. This represents a 9.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Euan Abraham sold 25,000 shares of the company's stock in a transaction 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 directly owned 227,019 shares in the company, valued at $3,403,014.81. This trade represents a 9.92% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 365,102 shares of company stock valued at $4,134,977. 5.50% of the stock is owned by corporate insiders.

Institutional Trading of Serve Robotics

A number of institutional investors have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. boosted its position in Serve Robotics by 13.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 12,728 shares of the company's stock valued at $73,000 after acquiring an additional 1,545 shares during the last quarter. Creative Planning boosted its position in Serve Robotics by 25.9% during the second quarter. Creative Planning now owns 12,923 shares of the company's stock valued at $148,000 after acquiring an additional 2,655 shares during the last quarter. Allworth Financial LP boosted 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 valued at $45,000 after acquiring an additional 2,964 shares during the last quarter. Brevan Howard Capital Management LP boosted its position in Serve Robotics by 34.6% during the second quarter. Brevan Howard Capital Management LP now owns 14,400 shares of the company's stock valued at $165,000 after acquiring an additional 3,699 shares during the last quarter. Finally, PFG Investments LLC boosted its position in shares of Serve Robotics by 12.3% during the 1st quarter. PFG Investments LLC now owns 36,498 shares of the company's stock worth $210,000 after purchasing an additional 4,000 shares in the last quarter.

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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