Serve Robotics’ (SERV) “Sell (D-)” Rating Reaffirmed at Weiss Ratings

Serve Robotics (NASDAQ:SERV)‘s stock had its “sell (d-)” rating reaffirmed by investment analysts at Weiss Ratings in a report issued on Wednesday,Weiss Ratings reports.

SERV has been the topic of a number of other research reports. Wedbush initiated coverage on shares of Serve Robotics in a report on Wednesday, August 27th. They issued an “outperform” rating and a $15.00 target price on the stock. Singular Research upgraded shares of Serve Robotics to a “moderate buy” rating in a report on Tuesday, August 26th. Finally, Seaport Res Ptn lowered shares of Serve Robotics from a “strong-buy” rating to a “hold” rating in a report on Monday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $17.75.

Serve Robotics Price Performance

SERV stock opened at $13.74 on Wednesday. The stock has a market capitalization of $822.75 million, a PE ratio of -11.95 and a beta of -0.70. The company’s 50-day moving average is $11.26 and its 200-day moving average is $9.85. Serve Robotics has a 1 year low of $4.66 and a 1 year high of $24.35.

Serve Robotics (NASDAQ:SERV) last released its quarterly earnings data on Thursday, August 7th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.13). The company had revenue of $0.64 million for the quarter, compared to the consensus estimate 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, analysts anticipate that Serve Robotics will post -0.98 earnings per share for the current fiscal year.

Insider Transactions at Serve Robotics

In other Serve Robotics news, insider Euan Abraham sold 25,000 shares of the stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $14.99, for a total value of $374,750.00. Following the completion of the sale, the insider owned 227,019 shares in the company, valued at approximately $3,403,014.81. This trade represents a 9.92% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Touraj Parang sold 4,825 shares of the stock in a transaction dated Tuesday, October 7th. The shares were sold at an average price of $15.25, for a total transaction of $73,581.25. Following the completion of the sale, the chief operating officer owned 1,360,591 shares of the company’s stock, valued at approximately $20,749,012.75. This trade represents a 0.35% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 365,102 shares of company stock worth $4,134,977. Company insiders own 5.50% of the company’s stock.

Institutional Investors Weigh In On Serve Robotics

Several institutional investors and hedge funds have recently added to or reduced their stakes in SERV. Allworth Financial LP increased its stake in shares of Serve Robotics by 316.7% during the 2nd quarter. Allworth Financial LP now owns 3,900 shares of the company’s stock worth $45,000 after purchasing an additional 2,964 shares during the last quarter. Ameritas Investment Partners Inc. purchased a new stake in shares of Serve Robotics during the 2nd quarter worth approximately $55,000. Total Investment Management Inc. purchased a new stake in shares of Serve Robotics during the 2nd quarter worth approximately $76,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Serve Robotics during the 1st quarter worth approximately $49,000. Finally, KLP Kapitalforvaltning AS purchased a new stake in shares of Serve Robotics during the 1st quarter worth approximately $49,000.

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.