Serve Robotics (NASDAQ:SERV) Coverage Initiated by Analysts at Wedbush

Wedbush began coverage on shares of Serve Robotics (NASDAQ:SERV) in a report released on Wednesday morning, Marketbeat.com reports. The firm issued an outperform rating and a $15.00 target price on the stock.

A number of other research analysts have also recently issued reports on the company. Cantor Fitzgerald began coverage on Serve Robotics in a research note on Thursday, May 22nd. They set an “overweight” rating for the company. Seaport Res Ptn lowered Serve Robotics from a “strong-buy” rating to a “hold” rating in a report on Monday, August 11th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, Serve Robotics presently has a consensus rating of “Buy” and a consensus target price of $17.75.

Serve Robotics Stock Up 13.0%

SERV opened at $11.61 on Wednesday. The stock has a market cap of $695.21 million, a PE ratio of -10.10 and a beta of -0.11. The business has a 50 day moving average of $10.64 and a 200-day moving average of $9.59. Serve Robotics has a 52 week low of $4.66 and a 52 week high of $24.35.

Serve Robotics (NASDAQ:SERV) last released its earnings results on Thursday, August 7th. The company reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.13). The firm had revenue of $0.64 million during the quarter, compared to analysts’ expectations of $0.63 million. Serve Robotics had a negative net margin of 3,726.00% and a negative return on equity of 36.47%. Equities analysts anticipate that Serve Robotics will post -0.98 EPS for the current year.

Insider Buying and Selling

In related news, CFO Brian Read sold 10,216 shares of the business’s stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $9.82, for a total value of $100,321.12. Following the sale, the chief financial officer directly owned 373,263 shares in the company, valued at approximately $3,665,442.66. The trade was a 2.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Touraj Parang sold 5,565 shares of the business’s stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $10.64, for a total value of $59,211.60. Following the completion of the sale, the chief operating officer owned 1,419,106 shares in the company, valued at $15,099,287.84. This represents a 0.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 54,398 shares of company stock valued at $573,223 in the last ninety days. Company insiders own 5.50% of the company’s stock.

Institutional Investors Weigh In On Serve Robotics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Allworth Financial LP grew its stake in shares of Serve Robotics by 316.7% during the second quarter. Allworth Financial LP now owns 3,900 shares of the company’s stock valued at $45,000 after buying an additional 2,964 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in Serve Robotics during the 1st quarter valued at $49,000. KLP Kapitalforvaltning AS bought a new stake in Serve Robotics during the 1st quarter valued at $49,000. Ameritas Investment Partners Inc. bought a new stake in Serve Robotics during the 2nd quarter valued at $55,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Serve Robotics by 13.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 12,728 shares of the company’s stock valued at $73,000 after purchasing an additional 1,545 shares during 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.