Serve Robotics (NASDAQ:SERV) Shares Down 1.8% – Time to Sell?

by · The Markets Daily

Serve Robotics Inc. (NASDAQ:SERV – Get Free Report)’s share price traded down 1.8% during trading on Tuesday . The company traded as low as $13.15 and last traded at $13.18. 7,721,783 shares traded hands during trading, a decline of 5% from the average session volume of 8,115,399 shares. The stock had previously closed at $13.42.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SERV. Cantor Fitzgerald restated an “overweight” rating on shares of Serve Robotics in a research note on Monday, November 17th. Singular Research raised shares of Serve Robotics to a “moderate buy” rating in a research report on Tuesday, August 26th. Weiss Ratings restated a “sell (d-)” rating on shares of Serve Robotics in a report on Monday. Wedbush began coverage on shares of Serve Robotics in a research note on Wednesday, August 27th. They set an “outperform” rating and a $15.00 target price for the company. Finally, Citigroup reissued an “outperform” rating on shares of Serve Robotics in a report on Monday, October 13th. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $19.33.

Check Out Our Latest Analysis on Serve Robotics

Serve Robotics Price Performance

The firm’s 50 day simple moving average is $12.35 and its 200-day simple moving average is $11.57. The company has a market cap of $957.07 million, a price-to-earnings ratio of -8.62 and a beta of -0.14.

Serve Robotics (NASDAQ:SERV – Get Free Report) last issued its quarterly earnings data on Wednesday, November 12th. The company reported ($0.54) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.37) by ($0.17). Serve Robotics had a negative return on equity of 38.52% and a negative net margin of 4,121.58%.The firm had revenue of $0.69 million for the quarter, compared to analysts’ expectations of $0.69 million. On average, analysts forecast that Serve Robotics Inc. will post -0.98 EPS for the current year.

Insider Activity at Serve Robotics

In other Serve Robotics news, insider Anthony Armenta sold 49,082 shares of the business’s stock in a transaction that occurred on Friday, November 14th. The stock was sold at an average price of $9.32, for a total value of $457,444.24. Following the completion of the sale, the insider owned 560,037 shares in the company, valued at approximately $5,219,544.84. The trade was a 8.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ali Kashani sold 16,170 shares of the stock in a transaction that occurred on Thursday, November 6th. The shares were sold at an average price of $10.78, for a total value of $174,312.60. Following the completion of the sale, the chief executive officer directly owned 3,391,592 shares of the company’s stock, valued at $36,561,361.76. The trade was a 0.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 226,248 shares of company stock valued at $2,910,939 over the last 90 days. 5.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Vontobel Holding Ltd. boosted its stake in shares of Serve Robotics by 6.7% during the third quarter. Vontobel Holding Ltd. now owns 22,427 shares of the company’s stock worth $261,000 after buying an additional 1,417 shares during the period. Charles Schwab Investment Management Inc. raised its stake in 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 acquiring an additional 1,545 shares during the last quarter. Creative Planning lifted its position in Serve Robotics by 14.5% during the 3rd quarter. Creative Planning now owns 14,800 shares of the company’s stock worth $172,000 after acquiring an additional 1,877 shares during the period. Phoenix Financial Ltd. grew its stake in shares of Serve Robotics by 13.3% in the 3rd quarter. Phoenix Financial Ltd. now owns 17,000 shares of the company’s stock valued at $198,000 after purchasing an additional 2,000 shares during the last quarter. Finally, Thoroughbred Financial Services LLC grew its stake in shares of Serve Robotics by 9.0% in the 3rd quarter. Thoroughbred Financial Services LLC now owns 24,250 shares of the company’s stock valued at $282,000 after purchasing an additional 2,000 shares during the last quarter.

About Serve Robotics

(Get Free Report)

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.

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