Brokerages Set Serve Robotics Inc. (NASDAQ:SERV) Price Target at $18.67

Serve Robotics Inc. (NASDAQ:SERV) has been assigned an average rating of “Buy” from the five research firms that are covering the company, MarketBeat reports. One equities research analyst has rated the stock with a hold recommendation, three have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $18.6667.

A number of research analysts have recently weighed in on SERV shares. Cantor Fitzgerald started coverage on Serve Robotics in a research note on Thursday, May 22nd. They issued an “overweight” rating on the stock. Seaport Res Ptn downgraded Serve Robotics from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 11th.

Serve Robotics Price Performance

NASDAQ SERV opened at $9.71 on Friday. The stock’s 50 day simple moving average is $10.91 and its 200 day simple moving average is $9.87. Serve Robotics has a one year low of $4.66 and a one year high of $24.35. The firm has a market cap of $581.43 million, a PE ratio of -8.44 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) earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $0.64 million for the quarter, compared to analyst estimates of $0.63 million. As a group, equities analysts expect that Serve Robotics will post -0.98 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Brian Read sold 3,000 shares of the company’s stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $12.15, for a total value of $36,450.00. Following the completion of the sale, the chief financial officer owned 221,000 shares in the company, valued at $2,685,150. This represents a 1.34% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Touraj Parang sold 5,565 shares of the company’s stock in a transaction on 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 owned 1,419,106 shares of the company’s stock, valued at approximately $15,099,287.84. This represents a 0.39% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 43,182 shares of company stock worth $470,822 over the last 90 days. 21.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Serve Robotics

Large investors have recently added to or reduced their stakes in the company. Headlands Technologies LLC lifted its stake in Serve Robotics by 58,553.6% in the 2nd quarter. Headlands Technologies LLC now owns 16,423 shares of the company’s stock valued at $188,000 after purchasing an additional 16,395 shares during the last quarter. Tower Research Capital LLC TRC lifted its stake in Serve Robotics by 2,385.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 27,412 shares of the company’s stock valued at $314,000 after purchasing an additional 26,309 shares during the last quarter. Captrust Financial Advisors lifted its stake in Serve Robotics by 16.5% in the 2nd quarter. Captrust Financial Advisors now owns 479,347 shares of the company’s stock valued at $5,484,000 after purchasing an additional 67,770 shares during the last quarter. Militia Capital Partners LP acquired a new stake in Serve Robotics during the second quarter worth approximately $924,000. Finally, Engineers Gate Manager LP acquired a new stake in Serve Robotics during the second quarter worth approximately $126,000.

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.