Serve Robotics (NASDAQ:SERV) Issues Quarterly Earnings Results

Serve Robotics (NASDAQ:SERV) released its quarterly earnings results on Wednesday. The company reported ($0.40) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.37) by ($0.03), FiscalAI reports. Serve Robotics had a negative net margin of 3,726.00% and a negative return on equity of 36.47%. The business had revenue of $0.69 million for the quarter, compared to the consensus estimate of $0.69 million.

Serve Robotics Stock Performance

Shares of SERV stock traded up $0.14 during trading hours on Wednesday, hitting $10.47. 7,226,049 shares of the company were exchanged, compared to its average volume of 8,191,439. The company has a 50 day simple moving average of $12.88 and a two-hundred day simple moving average of $11.26. The firm has a market cap of $626.96 million, a P/E ratio of -9.10 and a beta of -0.79. Serve Robotics has a fifty-two week low of $4.66 and a fifty-two week high of $24.35.

Wall Street Analyst Weigh In

SERV has been the topic of several recent research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Serve Robotics in a report on Tuesday. Citigroup reaffirmed an “outperform” rating on shares of Serve Robotics in a research note on Monday, October 13th. Wedbush assumed coverage on shares of Serve Robotics in a research report on Wednesday, August 27th. They set an “outperform” rating and a $15.00 target price for the company. Seaport Res Ptn lowered shares of Serve Robotics from a “strong-buy” rating to a “hold” rating in a report on Monday, August 11th. Finally, Singular Research raised shares of Serve Robotics to a “moderate buy” rating in a research note on Tuesday, August 26th. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $19.33.

Insider Buying and Selling at Serve Robotics

In other news, insider Euan Abraham sold 25,000 shares of the company’s stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $14.99, for a total transaction of $374,750.00. Following the transaction, the insider owned 227,019 shares in the company, valued at approximately $3,403,014.81. This represents a 9.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ali Kashani sold 164,735 shares of the stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $10.33, for a total transaction of $1,701,712.55. Following the transaction, the chief executive officer directly owned 3,434,002 shares in the company, valued at $35,473,240.66. This trade represents a 4.58% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 424,843 shares of company stock valued at $4,994,772 over the last 90 days. Insiders own 21.40% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Serve Robotics by 25.2% in the third quarter. Vanguard Group Inc. now owns 2,594,869 shares of the company’s stock worth $30,178,000 after acquiring an additional 521,945 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Serve Robotics by 28.5% during the third quarter. JPMorgan Chase & Co. now owns 38,422 shares of the company’s stock worth $447,000 after purchasing an additional 8,517 shares during the period. Envestnet Asset Management Inc. acquired a new position in shares of Serve Robotics during the third quarter worth approximately $138,000. Advisory Services Network LLC bought a new position in shares of Serve Robotics in the 2nd quarter worth $499,000. Finally, Headlands Technologies LLC lifted its holdings 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 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.