Serve Robotics Inc. (NASDAQ:SERV) Given Average Recommendation of “Moderate Buy” by Analysts

Serve Robotics Inc. (NASDAQ:SERV) has been assigned a consensus rating of “Moderate Buy” from the six ratings firms that are covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, one has given a hold recommendation and four have issued a buy recommendation on the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $19.3333.

A number of analysts have recently weighed in on the stock. Citigroup reaffirmed an “outperform” rating on shares of Serve Robotics in a report on Monday, October 13th. Northland Securities set a $26.00 price target on shares of Serve Robotics in a report on Monday, October 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Serve Robotics in a report on Wednesday, October 8th. Singular Research raised shares of Serve Robotics to a “moderate buy” rating in a report on Tuesday, August 26th. Finally, Wedbush assumed coverage on shares of Serve Robotics in a report on Wednesday, August 27th. They set an “outperform” rating and a $15.00 price target for the company.

Serve Robotics Trading Down 4.8%

Shares of Serve Robotics stock opened at $13.57 on Wednesday. The company has a 50 day moving average of $12.58 and a 200-day moving average of $10.79. Serve Robotics has a 1-year low of $4.66 and a 1-year high of $24.35. The company has a market cap of $812.57 million, a PE ratio of -11.80 and a beta of -0.70.

Serve Robotics (NASDAQ:SERV) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.36) earnings per share for the quarter, missing analysts’ consensus estimates 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 the consensus estimate of $0.63 million. Research analysts forecast that Serve Robotics will post -0.98 earnings per share for the current year.

Insider Transactions at Serve Robotics

In other news, insider Euan Abraham sold 25,000 shares of the company’s stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $17.99, for a total transaction of $449,750.00. Following the completion of the transaction, the insider directly owned 250,539 shares in the company, valued at approximately $4,507,196.61. This represents a 9.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David Michael Goldberg sold 5,000 shares of the company’s stock in a transaction on Wednesday, September 24th. The stock was sold at an average price of $13.58, for a total transaction of $67,900.00. Following the transaction, the director owned 45,725 shares of the company’s stock, valued at $620,945.50. This trade represents a 9.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 388,890 shares of company stock valued at $4,572,050. Corporate insiders own 21.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Global Retirement Partners LLC increased its holdings in shares of Serve Robotics by 1,250.1% during the third quarter. Global Retirement Partners LLC now owns 13,501 shares of the company’s stock worth $157,000 after buying an additional 12,501 shares in the last quarter. Chico Wealth RIA acquired a new position in shares of Serve Robotics during the third quarter worth $343,000. Inspire Investing LLC acquired a new position in shares of Serve Robotics during the third quarter worth $463,000. Vontobel Holding Ltd. increased its holdings 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 in the last quarter. Finally, Farther Finance Advisors LLC acquired a new position in shares of Serve Robotics during the third quarter worth $27,000.

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.