Serve Robotics (NASDAQ:SERV) Trading 4.5% Higher – Still a Buy?

Serve Robotics Inc. (NASDAQ:SERV)’s share price rose 4.5% on Monday . The company traded as high as $10.71 and last traded at $10.45. Approximately 3,127,787 shares traded hands during trading, a decline of 56% from the average daily volume of 7,087,767 shares. The stock had previously closed at $10.00.

Analyst Upgrades and Downgrades

Several research firms have weighed in on SERV. Wedbush initiated coverage on Serve Robotics in a report on Wednesday, August 27th. They set an “outperform” rating and a $15.00 target price on the stock. Seaport Res Ptn lowered shares of Serve Robotics from a “strong-buy” rating to a “hold” rating in a report on Monday, August 11th. Singular Research raised shares of Serve Robotics to a “moderate buy” rating in a report on Tuesday, August 26th. Finally, Cantor Fitzgerald started coverage on shares of Serve Robotics in a research note on Thursday, May 22nd. They set an “overweight” rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $17.75.

Serve Robotics Trading Up 4.7%

The firm has a 50-day simple moving average of $10.60 and a two-hundred day simple moving average of $9.20. The company has a market capitalization of $626.64 million, a price-to-earnings ratio of -9.05 and a beta of -0.16.

Serve Robotics (NASDAQ:SERV) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.36) earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $0.64 million during the quarter, compared to analyst estimates of $0.63 million. On average, sell-side analysts forecast that Serve Robotics Inc. will post -0.98 earnings per share for the current year.

Insider Activity

In related news, CFO Brian Read sold 10,216 shares of the business’s stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $9.82, for a total transaction of $100,321.12. Following the transaction, the chief financial officer directly owned 373,263 shares in the company, valued at approximately $3,665,442.66. The trade was a 2.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, COO Touraj Parang sold 5,565 shares of the firm’s stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $10.64, for a total transaction of $59,211.60. Following the transaction, the chief operating officer directly owned 1,419,106 shares in the company, valued at $15,099,287.84. The trade was a 0.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 51,103 shares of company stock valued at $533,073 over the last quarter. Insiders own 21.40% of the company’s stock.

Institutional Investors Weigh In On Serve Robotics

Institutional investors have recently added to or reduced their stakes in the stock. Total Investment Management Inc. acquired a new position in shares of Serve Robotics in the 2nd quarter valued at approximately $76,000. Advisory Services Network LLC purchased a new stake in shares of Serve Robotics in the 2nd quarter worth about $499,000. Headlands Technologies LLC lifted its stake in shares of Serve Robotics by 58,553.6% in the 2nd quarter. Headlands Technologies LLC now owns 16,423 shares of the company’s stock worth $188,000 after purchasing an additional 16,395 shares during the period. Tower Research Capital LLC TRC grew its holdings in Serve Robotics by 2,385.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 27,412 shares of the company’s stock valued at $314,000 after buying an additional 26,309 shares in the last quarter. Finally, Captrust Financial Advisors lifted its position in shares of Serve Robotics by 16.5% during the second quarter. Captrust Financial Advisors now owns 479,347 shares of the company’s stock worth $5,484,000 after purchasing an additional 67,770 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.