Serve Robotics (NASDAQ:SERV) Upgraded at Singular Research

Singular Research upgraded shares of Serve Robotics (NASDAQ:SERV) to a moderate buy rating in a research report released on Tuesday,Zacks.com reports.

Several other research firms have also recently commented on SERV. Wedbush assumed coverage on shares of Serve Robotics in a research note on Wednesday. They set an “outperform” rating and a $15.00 price target on the stock. 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. Finally, Seaport Res Ptn cut shares of Serve Robotics from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 11th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $17.75.

Serve Robotics Stock Up 13.0%

NASDAQ:SERV opened at $11.61 on Tuesday. Serve Robotics has a 12-month low of $4.66 and a 12-month high of $24.35. The firm has a market capitalization of $695.23 million, a PE ratio of -10.10 and a beta of -0.11. The firm has a 50-day moving average price of $10.64 and a 200 day moving average price of $9.59.

Serve Robotics (NASDAQ:SERV) last posted 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 business had revenue of $0.64 million during 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, research analysts expect that Serve Robotics will post -0.98 EPS for the current year.

Insider Buying and Selling at Serve Robotics

In other Serve Robotics news, COO Touraj Parang sold 5,565 shares of Serve Robotics stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $10.64, for a total value 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. The trade was a 0.39% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Evan Dunn sold 5,000 shares of Serve Robotics stock in a transaction on Monday, August 25th. The shares were sold at an average price of $10.01, for a total transaction of $50,050.00. Following the completion of the sale, the general counsel owned 230,767 shares in the company, valued at $2,309,977.67. The trade was a 2.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 54,398 shares of company stock valued at $573,223 over the last quarter. 5.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of SERV. Allworth Financial LP grew its position in shares of Serve Robotics by 316.7% in the 2nd 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 period. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Serve Robotics in the 1st quarter valued at about $49,000. KLP Kapitalforvaltning AS bought a new position in shares of Serve Robotics in the 1st quarter valued at about $49,000. Ameritas Investment Partners Inc. bought a new position in shares of Serve Robotics in the 2nd quarter valued at about $55,000. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Serve Robotics by 13.8% in the 1st 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 period.

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.