Serve Robotics Inc. (NASDAQ:SERV) Receives $17.75 Average PT from Analysts

Serve Robotics Inc. (NASDAQ:SERV) has earned an average rating of “Buy” from the six ratings firms that are presently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a hold recommendation, four have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $17.75.

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

Serve Robotics Stock Up 6.8%

NASDAQ SERV opened at $11.40 on Tuesday. The stock has a market capitalization of $682.63 million, a P/E ratio of -9.91 and a beta of -0.19. Serve Robotics has a 52-week low of $4.66 and a 52-week high of $24.35. The firm has a 50-day moving average price of $10.58 and a 200 day moving average price of $9.21.

Serve Robotics (NASDAQ:SERV) last posted its quarterly earnings results 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). The firm had revenue of $0.64 million for the quarter, compared to analysts’ expectations of $0.63 million. Serve Robotics had a negative return on equity of 36.47% and a negative net margin of 3,726.00%. On average, equities research analysts expect that Serve Robotics will post -0.98 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Serve Robotics news, COO Touraj Parang sold 53,690 shares of the stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $10.35, for a total value of $555,691.50. Following the completion of the transaction, the chief operating officer directly owned 1,365,416 shares of the company’s stock, valued at approximately $14,132,055.60. This trade represents a 3.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Ali Kashani sold 164,735 shares of the stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $10.33, for a total transaction of $1,701,712.55. Following the completion of the transaction, the chief executive officer directly owned 3,434,002 shares of the company’s stock, valued at approximately $35,473,240.66. This trade represents a 4.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 293,625 shares of company stock valued at $3,048,817 in the last 90 days. 5.50% of the stock is owned by corporate insiders.

Institutional Trading of Serve Robotics

Large investors have recently modified their holdings of the business. Man Group plc acquired a new stake in shares of Serve Robotics in the fourth quarter valued at approximately $467,000. OMERS ADMINISTRATION Corp acquired a new stake in shares of Serve Robotics in the fourth quarter valued at approximately $431,000. Exchange Traded Concepts LLC grew its position in shares of Serve Robotics by 31.4% in the first quarter. Exchange Traded Concepts LLC now owns 882,522 shares of the company’s stock valued at $5,075,000 after purchasing an additional 210,977 shares during the last quarter. Capital Fund Management S.A. acquired a new stake in shares of Serve Robotics in the first quarter valued at approximately $4,244,000. Finally, Virtu Financial LLC grew its position in shares of Serve Robotics by 71.5% in the first quarter. Virtu Financial LLC now owns 59,054 shares of the company’s stock valued at $340,000 after purchasing an additional 24,614 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.