Serve Robotics Inc. (NASDAQ:SERV) Given Consensus Rating of “Moderate Buy” by Brokerages

Shares of Serve Robotics Inc. (NASDAQ:SERV) have received a consensus rating of “Moderate Buy” from the six brokerages that are covering the company, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and four have issued a buy recommendation on the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $19.3333.

SERV has been the topic of several analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Serve Robotics in a report on Monday. Citigroup reissued an “outperform” rating on shares of Serve Robotics in a research report on Monday, October 13th. Northland Securities set a $26.00 target price on Serve Robotics in a research note on Monday, October 13th. Singular Research raised Serve Robotics to a “moderate buy” rating in a research report on Tuesday, August 26th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Serve Robotics in a report on Monday, November 17th.

Insider Activity at Serve Robotics

In other Serve Robotics news, CEO Ali Kashani sold 16,730 shares of the business’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $11.87, for a total value of $198,585.10. Following the sale, the chief executive officer directly owned 3,374,862 shares in the company, valued at $40,059,611.94. The trade was a 0.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Brian Read sold 6,700 shares of Serve Robotics stock in a transaction dated Friday, December 12th. The stock was sold at an average price of $13.15, for a total value of $88,105.00. Following the completion of the sale, the chief financial officer directly owned 337,199 shares of the company’s stock, valued at approximately $4,434,166.85. This trade represents a 1.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 255,895 shares of company stock worth $3,270,304. Company insiders own 5.50% of the company’s stock.

Institutional Investors Weigh In On Serve Robotics

Several institutional investors have recently added to or reduced their stakes in the business. Farther Finance Advisors LLC purchased a new position in shares of Serve Robotics in the third quarter worth about $27,000. Allworth Financial LP grew its stake in Serve Robotics by 316.7% in the 2nd 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 in the last quarter. SBI Securities Co. Ltd. raised its holdings in Serve Robotics by 166.8% during the 3rd quarter. SBI Securities Co. Ltd. now owns 4,218 shares of the company’s stock valued at $49,000 after acquiring an additional 2,637 shares during the period. Ameritas Investment Partners Inc. bought a new stake in Serve Robotics during the 2nd quarter valued at $55,000. Finally, Russell Investments Group Ltd. purchased a new stake in shares of Serve Robotics during the third quarter worth $59,000.

Serve Robotics Stock Down 9.6%

Shares of NASDAQ:SERV opened at $9.55 on Thursday. The business’s 50 day moving average is $12.10 and its 200 day moving average is $11.53. Serve Robotics has a 12-month low of $4.66 and a 12-month high of $24.35. The stock has a market cap of $711.28 million, a price-to-earnings ratio of -6.41 and a beta of -0.14.

Serve Robotics (NASDAQ:SERV) last released its quarterly earnings results on Wednesday, November 12th. The company reported ($0.54) EPS for the quarter, missing analysts’ consensus estimates of ($0.37) by ($0.17). The company had revenue of $0.69 million during the quarter, compared to analysts’ expectations of $0.69 million. Serve Robotics had a negative net margin of 4,121.58% and a negative return on equity of 38.52%. As a group, equities research analysts expect that Serve Robotics will post -0.98 earnings per share for the current year.

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.