Serve Robotics (NASDAQ:SERV) Sets New 12-Month Low – Here’s What Happened

Serve Robotics Inc. (NASDAQ:SERV)’s stock price hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $6.47 and last traded at $6.49, with a volume of 2612202 shares trading hands. The stock had previously closed at $6.80.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. Guggenheim initiated coverage on shares of Serve Robotics in a research note on Monday, April 20th. They set a “buy” rating and a $13.00 target price for the company. Cantor Fitzgerald lowered their price objective on Serve Robotics from $17.00 to $16.00 and set an “overweight” rating on the stock in a report on Tuesday, March 17th. LADENBURG THALM/SH SH boosted their price objective on Serve Robotics from $15.00 to $16.60 and gave the stock a “buy” rating in a research note on Wednesday, May 13th. Freedom Capital cut Serve Robotics from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 13th. Finally, Weiss Ratings upgraded Serve Robotics from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, June 17th. Seven investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $17.51.

Serve Robotics Stock Down 4.7%

The company has a market cap of $501.38 million, a price-to-earnings ratio of -3.22 and a beta of 0.53. The stock’s 50-day simple moving average is $8.55 and its 200 day simple moving average is $9.98.

Serve Robotics (NASDAQ:SERV) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($0.65) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.57) by ($0.08). The firm had revenue of $2.98 million during the quarter, compared to analysts’ expectations of $2.83 million. Serve Robotics had a negative net margin of 2,639.98% and a negative return on equity of 47.31%. On average, sell-side analysts expect that Serve Robotics Inc. will post -2.51 EPS for the current fiscal year.

Insider Buying and Selling at Serve Robotics

In other news, Director David Michael Goldberg sold 10,600 shares of Serve Robotics stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $7.20, for a total value of $76,320.00. Following the completion of the transaction, the director owned 35,125 shares in the company, valued at approximately $252,900. This trade represents a 23.18% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brian Read sold 2,790 shares of the company’s stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $9.29, for a total transaction of $25,919.10. Following the sale, the chief financial officer owned 318,768 shares in the company, valued at $2,961,354.72. The trade was a 0.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 91,250 shares of company stock valued at $768,253 in the last quarter. Corporate insiders own 5.00% of the company’s stock.

Institutional Investors Weigh In On Serve Robotics

A number of large investors have recently modified their holdings of the company. Goldman Sachs Group Inc. lifted its position in shares of Serve Robotics by 280.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 297,138 shares of the company’s stock worth $1,709,000 after purchasing an additional 219,018 shares during the last quarter. Creative Planning lifted its holdings in Serve Robotics by 25.9% during the 2nd quarter. Creative Planning now owns 12,923 shares of the company’s stock worth $148,000 after buying an additional 2,655 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of Serve Robotics by 294.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 29,905 shares of the company’s stock worth $342,000 after acquiring an additional 22,320 shares in the last quarter. Rhumbline Advisers purchased a new position in shares of Serve Robotics in the 2nd quarter valued at about $767,000. Finally, American Century Companies Inc. purchased a new position in shares of Serve Robotics in the 2nd quarter valued at about $122,000.

About Serve Robotics

Serve Robotics develops and operates autonomous sidewalk delivery robots designed to transform last-mile logistics for restaurants, retailers and grocery brands. By combining proprietary hardware, sensor suites and dispatch software, the company enables on-demand deliveries of food, beverages and consumer goods while minimizing reliance on traditional vehicle fleets.

The core Serve robot integrates four-wheeled mobility, LiDAR and vision cameras with AI-driven navigation algorithms to detect obstacles, traverse urban sidewalks and interact safely with pedestrians.