Serve Robotics Inc. (NASDAQ:SERV) Receives Average Rating of “Buy” from Analysts

Shares of Serve Robotics Inc. (NASDAQ:SERV) have received an average rating of “Buy” from the six analysts that are covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among brokers that have covered the stock in the last year is $17.75.

Several research analysts recently weighed in on SERV shares. Seaport Res Ptn cut Serve Robotics from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 11th. Singular Research upgraded Serve Robotics to a “moderate buy” rating in a research report on Tuesday, August 26th. Wedbush began coverage on Serve Robotics in a research report on Wednesday, August 27th. They issued an “outperform” rating and a $15.00 price target for the company. Finally, Cantor Fitzgerald began coverage on Serve Robotics in a research report on Thursday, May 22nd. They issued an “overweight” rating for the company.

Insider Activity

In other Serve Robotics news, General Counsel Evan Dunn sold 5,000 shares of the firm’s stock in a transaction dated Monday, August 25th. The stock was 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 directly owned 230,767 shares in the company, valued at approximately $2,309,977.67. This trade represents a 2.12% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Brian Read sold 4,319 shares of the firm’s stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $11.54, for a total value of $49,841.26. Following the sale, the chief financial officer owned 360,439 shares of the company’s stock, valued at $4,159,466.06. The trade was a 1.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 293,625 shares of company stock worth $3,048,817. Corporate insiders own 21.40% of the company’s stock.

Institutional Investors Weigh In On Serve Robotics

Hedge funds and other institutional investors have recently made changes to their positions in the company. Man Group plc purchased a new stake in shares of Serve Robotics during the 4th quarter worth about $467,000. OMERS ADMINISTRATION Corp purchased a new stake in shares of Serve Robotics during the 4th quarter worth about $431,000. Exchange Traded Concepts LLC raised its stake in shares of Serve Robotics by 31.4% during the 1st quarter. Exchange Traded Concepts LLC now owns 882,522 shares of the company’s stock worth $5,075,000 after purchasing an additional 210,977 shares in the last quarter. Capital Fund Management S.A. purchased a new stake in shares of Serve Robotics during the 1st quarter worth about $4,244,000. Finally, Virtu Financial LLC raised its stake in shares of Serve Robotics by 71.5% during the 1st quarter. Virtu Financial LLC now owns 59,054 shares of the company’s stock worth $340,000 after purchasing an additional 24,614 shares in the last quarter.

Serve Robotics Stock Up 0.7%

Shares of SERV stock opened at $12.21 on Tuesday. The stock has a 50-day simple moving average of $10.65 and a 200 day simple moving average of $9.25. Serve Robotics has a fifty-two week low of $4.66 and a fifty-two week high of $24.35. The stock has a market capitalization of $731.13 million, a P/E ratio of -10.62 and a beta of -0.16.

Serve Robotics (NASDAQ:SERV) last announced its earnings results 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 firm had revenue of $0.64 million for the quarter, compared to the consensus estimate of $0.63 million. On average, sell-side analysts anticipate that Serve Robotics will post -0.98 earnings per share for the current year.

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.