Serve Robotics (NASDAQ:SERV) Cut to “Hold” at Seaport Res Ptn

Seaport Res Ptn cut shares of Serve Robotics (NASDAQ:SERV) from a strong-buy rating to a hold rating in a report released on Monday morning,Zacks.com reports.

Separately, Cantor Fitzgerald initiated coverage on shares of Serve Robotics in a report on Thursday, May 22nd. They issued an “overweight” rating on the stock. One equities research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $18.67.

Serve Robotics Price Performance

Serve Robotics stock opened at $10.44 on Monday. The firm has a 50-day moving average of $11.00 and a 200-day moving average of $10.05. Serve Robotics has a one year low of $4.66 and a one year high of $24.35. The company has a market cap of $625.15 million, a price-to-earnings ratio of -9.08 and a beta of -0.11.

Serve Robotics (NASDAQ:SERV) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.13). Serve Robotics had a negative return on equity of 36.47% and a negative net margin of 3,726.00%. The business had revenue of $0.64 million for the quarter, compared to analyst estimates of $0.63 million. As a group, sell-side analysts expect that Serve Robotics will post -0.98 earnings per share for the current year.

Insider Buying and Selling

In other news, Director David Michael Goldberg sold 10,700 shares of the company’s stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $10.63, for a total value of $113,741.00. Following the sale, the director directly owned 50,725 shares of the company’s stock, valued at approximately $539,206.75. This represents a 17.42% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Touraj Parang sold 5,565 shares of the company’s stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $10.64, for a total transaction of $59,211.60. Following the completion of 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 43,182 shares of company stock worth $470,822 in the last 90 days. 5.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of SERV. LPL Financial LLC bought a new position in Serve Robotics in the 4th quarter valued at about $294,000. Vanguard Group Inc. raised its holdings in Serve Robotics by 74.6% in the 4th quarter. Vanguard Group Inc. now owns 1,274,303 shares of the company’s stock valued at $17,203,000 after acquiring an additional 544,537 shares during the period. Geode Capital Management LLC raised its holdings in Serve Robotics by 36.6% in the 4th quarter. Geode Capital Management LLC now owns 178,780 shares of the company’s stock valued at $2,415,000 after acquiring an additional 47,927 shares during the period. Wells Fargo & Company MN raised its holdings in Serve Robotics by 294.0% in the 4th quarter. Wells Fargo & Company MN now owns 10,855 shares of the company’s stock valued at $147,000 after acquiring an additional 8,100 shares during the period. Finally, Legal & General Group Plc bought a new position in Serve Robotics in the 4th quarter valued at about $6,629,000.

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.