Serve Robotics (NASDAQ:SERV) Trading 2.4% Higher – Should You Buy?

Serve Robotics Inc. (NASDAQ:SERV) shares were up 2.4% during mid-day trading on Monday . The company traded as high as $10.10 and last traded at $9.94. Approximately 1,417,632 shares changed hands during mid-day trading, a decline of 80% from the average daily volume of 7,023,735 shares. The stock had previously closed at $9.71.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SERV. Seaport Res Ptn cut Serve Robotics from a “strong-buy” rating to a “hold” rating in a report on Monday, August 11th. Cantor Fitzgerald began coverage on Serve Robotics in a report on Thursday, May 22nd. They set an “overweight” rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $18.67.

Serve Robotics Trading Up 2.5%

The company has a 50 day moving average price of $10.67 and a 200 day moving average price of $9.63. The company has a market capitalization of $595.83 million, a price-to-earnings ratio of -8.68 and a beta of -0.11.

Serve Robotics (NASDAQ:SERV) last released its earnings results on Thursday, August 7th. The company reported ($0.36) EPS 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 during the quarter, compared to analyst estimates of $0.63 million. Equities analysts predict that Serve Robotics Inc. will post -0.98 earnings per share for the current year.

Insider Activity

In other Serve Robotics news, COO Touraj Parang sold 5,565 shares of Serve Robotics stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $10.64, for a total transaction of $59,211.60. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Brian Read sold 3,000 shares of Serve Robotics stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $12.15, for a total value of $36,450.00. Following the transaction, the chief financial officer owned 221,000 shares in the company, valued at approximately $2,685,150. This represents a 1.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 42,182 shares of company stock valued at $459,302. Company insiders own 5.50% of the company’s stock.

Institutional Trading of Serve Robotics

A number of institutional investors have recently modified their holdings of the company. Uber Technologies Inc bought a new stake in Serve Robotics during the fourth quarter worth about $71,534,000. Exchange Traded Concepts LLC raised its holdings in Serve Robotics by 12.9% during the second quarter. Exchange Traded Concepts LLC now owns 996,283 shares of the company’s stock worth $11,397,000 after acquiring an additional 113,761 shares in the last quarter. Geode Capital Management LLC raised its holdings in Serve Robotics by 176.0% during the second quarter. Geode Capital Management LLC now owns 878,668 shares of the company’s stock worth $10,054,000 after acquiring an additional 560,361 shares in the last quarter. Capital Fund Management S.A. bought a new stake in Serve Robotics during the first quarter worth about $4,244,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Serve Robotics by 6.3% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 721,826 shares of the company’s stock worth $8,258,000 after acquiring an additional 42,812 shares in the last quarter.

Serve Robotics Company Profile

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.