Serve Robotics (NASDAQ:SERV) Hits New 12-Month Low – Here’s Why

Serve Robotics Inc. (NASDAQ:SERV)’s stock price reached a new 52-week low during mid-day trading on Friday . The stock traded as low as $7.58 and last traded at $7.7140, with a volume of 5917823 shares traded. The stock had previously closed at $8.41.

Analysts Set New Price Targets

SERV has been the topic of a number of recent research reports. Weiss Ratings cut Serve Robotics from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday. Freedom Capital downgraded shares of Serve Robotics from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 13th. Cantor Fitzgerald cut their price target on shares of Serve Robotics from $17.00 to $16.00 and set an “overweight” rating for the company in a report on Tuesday, March 17th. Guggenheim assumed coverage on shares of Serve Robotics in a report on Monday, April 20th. They issued a “buy” rating and a $13.00 price target for the company. Finally, LADENBURG THALM/SH SH raised their price objective on shares of Serve Robotics from $15.00 to $16.60 and gave the company a “buy” rating in a research report on Wednesday, May 13th. Seven research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Serve Robotics currently has an average rating of “Moderate Buy” and a consensus target price of $17.51.

Serve Robotics Trading Down 8.9%

The firm has a market cap of $592.75 million, a P/E ratio of -3.79 and a beta of 0.53. The business’s fifty day simple moving average is $8.87 and its 200-day simple moving average is $10.19.

Serve Robotics (NASDAQ:SERV) last announced its earnings results on Thursday, May 7th. The company reported ($0.65) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.57) by ($0.08). The company had revenue of $2.98 million for the quarter, compared to the consensus estimate of $2.83 million. Serve Robotics had a negative net margin of 2,639.98% and a negative return on equity of 47.31%. Analysts anticipate that Serve Robotics Inc. will post -2.64 earnings per share for the current year.

Insider Activity at Serve Robotics

In related news, CFO Brian Read sold 2,790 shares of the business’s stock in a transaction dated Wednesday, May 6th. The shares were sold at an average price of $9.29, for a total transaction of $25,919.10. Following the sale, the chief financial officer owned 318,768 shares of the company’s stock, valued at $2,961,354.72. The trade was a 0.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Ali Kashani sold 14,644 shares of the business’s stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $9.26, for a total transaction of $135,603.44. Following the sale, the chief executive officer directly owned 3,293,976 shares in the company, valued at $30,502,217.76. The trade was a 0.44% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 81,632 shares of company stock worth $755,403. 5.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Serve Robotics

Several hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in Serve Robotics by 25.2% during the third quarter. Vanguard Group Inc. now owns 2,594,869 shares of the company’s stock worth $30,178,000 after acquiring an additional 521,945 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Serve Robotics by 29.1% in the fourth quarter. Geode Capital Management LLC now owns 1,457,965 shares of the company’s stock worth $15,137,000 after buying an additional 328,405 shares in the last quarter. Exchange Traded Concepts LLC lifted its stake in shares of Serve Robotics by 12.5% in the fourth quarter. Exchange Traded Concepts LLC now owns 1,247,559 shares of the company’s stock worth $12,950,000 after buying an additional 138,558 shares in the last quarter. State Street Corp lifted its stake in shares of Serve Robotics by 29.5% in the fourth quarter. State Street Corp now owns 1,245,411 shares of the company’s stock worth $12,927,000 after buying an additional 283,497 shares in the last quarter. Finally, First Trust Advisors LP lifted its stake in shares of Serve Robotics by 34.5% in the fourth quarter. First Trust Advisors LP now owns 1,022,459 shares of the company’s stock worth $10,613,000 after buying an additional 262,348 shares in the last quarter.

About Serve Robotics

Serve Robotics develops and operates autonomous sidewalk delivery robots designed to transform last-mile logistics for restaurants, retailers and grocery brands. By combining proprietary hardware, sensor suites and dispatch software, the company enables on-demand deliveries of food, beverages and consumer goods while minimizing reliance on traditional vehicle fleets.

The core Serve robot integrates four-wheeled mobility, LiDAR and vision cameras with AI-driven navigation algorithms to detect obstacles, traverse urban sidewalks and interact safely with pedestrians.