Wedbush Begins Coverage on Serve Robotics (NASDAQ:SERV)

Key Points

• Wedbush has initiated coverage on Serve Robotics (NASDAQ: SERV) with an "outperform" rating and set a price target of $15.00, suggesting a potential upside of 46.06% from its last close.
• Despite the positive outlook from Wedbush, other analysts like Seaport Res Ptn have downgraded the stock to a "hold", reflecting mixed sentiments in the market.
• Serve Robotics reported a negative EPS of $0.36 for the last quarter, missing analysts' estimates, which indicates ongoing challenges for the company amid its growth strategy.

Stock analysts at Wedbush assumed coverage on shares of Serve Robotics (NASDAQ:SERV - Get Free Report) in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage set an "outperform" rating and a $15.00 price target on the stock. Wedbush's price objective indicates a potential upside of 46.06% from the company's previous close.

A number of other equities research analysts have also issued reports on SERV. Seaport Res Ptn lowered Serve Robotics from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 11th. Cantor Fitzgerald began coverage on Serve Robotics in a research report on Thursday, May 22nd. They issued an "overweight" rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $17.75.

Serve Robotics Price Performance

Shares of Serve Robotics stock opened at $10.27 on Wednesday. The business has a 50-day moving average of $10.62 and a 200 day moving average of $9.57. Serve Robotics has a 12 month low of $4.66 and a 12 month high of $24.35. The stock has a market capitalization of $614.97 million, a price-to-earnings ratio of -8.93 and a beta of -0.11.

Serve Robotics (NASDAQ:SERV - Get Free Report) last announced its 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). 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. Equities research analysts anticipate that Serve Robotics will post -0.98 earnings per share for the current year.

Insiders Place Their Bets

In other news, General Counsel Evan Dunn sold 5,000 shares of the business's stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $10.01, for a total value of $50,050.00. Following the transaction, the general counsel owned 230,767 shares of the company's stock, valued at approximately $2,309,977.67. The trade was a 2.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Touraj Parang sold 5,565 shares of the business's stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $10.64, for a total transaction of $59,211.60. Following the sale, the chief operating officer directly owned 1,419,106 shares in the company, valued at approximately $15,099,287.84. This represents a 0.39% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 54,398 shares of company stock valued at $573,223. 21.40% of the stock is owned by company insiders.

Institutional Trading of Serve Robotics

Several large investors have recently bought and sold shares of the company. Uber Technologies Inc purchased a new stake in shares of Serve Robotics in the fourth quarter valued at $71,534,000. Capital Fund Management S.A. acquired a new stake in Serve Robotics during the first quarter worth about $4,244,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of 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 buying an additional 584,302 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Serve Robotics by 176.0% in the second quarter. Geode Capital Management LLC now owns 878,668 shares of the company's stock valued at $10,054,000 after buying an additional 560,361 shares in the last quarter. Finally, Cubist Systematic Strategies LLC acquired a new stake in shares of Serve Robotics in the first quarter valued at about $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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