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

Serve Robotics Inc. (NASDAQ:SERV) has been given an average recommendation of “Buy” by the six brokerages that are presently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $17.75.

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

Insider Buying and Selling

In other Serve Robotics news, insider Euan Abraham sold 12,603 shares of Serve Robotics stock in a transaction on Monday, September 8th. The shares were sold at an average price of $10.60, for a total value of $133,591.80. Following the transaction, the insider owned 260,452 shares in the company, valued at $2,760,791.20. This trade represents a 4.62% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Brian Read sold 10,216 shares of Serve Robotics stock in a transaction on Monday, August 25th. The shares were sold at an average price of $9.82, for a total transaction of $100,321.12. Following the completion of the transaction, the chief financial officer owned 373,263 shares in the company, valued at approximately $3,665,442.66. This trade represents a 2.66% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 293,625 shares of company stock worth $3,048,817 over the last 90 days. Company insiders own 5.50% of the company’s stock.

Hedge Funds Weigh In On Serve Robotics

A number of hedge funds have recently made changes to their positions in SERV. Capital Fund Management S.A. acquired a new position in shares of Serve Robotics in the 1st quarter valued at $4,244,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Serve Robotics by 616.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 679,014 shares of the company’s stock valued at $3,972,000 after acquiring an additional 584,302 shares during the period. Geode Capital Management LLC raised its stake in shares of Serve Robotics by 176.0% in the 2nd quarter. Geode Capital Management LLC now owns 878,668 shares of the company’s stock valued at $10,054,000 after acquiring an additional 560,361 shares during the period. Cubist Systematic Strategies LLC purchased a new position in shares of Serve Robotics in the 1st quarter valued at $2,064,000. Finally, Bank of America Corp DE raised its stake in shares of Serve Robotics by 157.9% in the 2nd quarter. Bank of America Corp DE now owns 401,557 shares of the company’s stock valued at $4,594,000 after acquiring an additional 245,858 shares during the period.

Serve Robotics Stock Performance

Shares of NASDAQ SERV opened at $11.40 on Tuesday. Serve Robotics has a 1 year low of $4.66 and a 1 year high of $24.35. The firm’s 50 day moving average price is $10.58 and its 200 day moving average price is $9.21. The firm has a market cap of $682.63 million, a P/E ratio of -9.91 and a beta of -0.19.

Serve Robotics (NASDAQ:SERV) last announced its earnings results on Thursday, August 7th. The company reported ($0.36) earnings per share (EPS) 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 analyst estimates of $0.63 million. As a group, equities analysts predict that Serve Robotics will post -0.98 EPS 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.