Serve Robotics (NASDAQ:SERV) Announces Quarterly Earnings Results

Serve Robotics (NASDAQ:SERV - Get Free Report) announced its quarterly earnings data on Thursday. The company reported ($0.36) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.19) by ($0.17), Zacks reports. Serve Robotics had a negative net margin of 1,972.12% and a negative return on equity of 184.60%. The business had revenue of $0.18 million during the quarter, compared to analyst estimates of $0.26 million.

Serve Robotics Price Performance

Shares of SERV traded down $0.49 during trading hours on Friday, hitting $7.43. The stock had a trading volume of 6,080,319 shares, compared to its average volume of 11,711,338. Serve Robotics has a 52 week low of $1.77 and a 52 week high of $24.35. The company's fifty day moving average is $15.29 and its two-hundred day moving average is $11.67. The stock has a market capitalization of $329.13 million and a price-to-earnings ratio of -6.19.

Insiders Place Their Bets

In other Serve Robotics news, CEO Ali Kashani sold 2,500 shares of the stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $13.52, for a total transaction of $33,800.00. Following the sale, the chief executive officer now owns 3,344,498 shares of the company's stock, valued at $45,217,612.96. This represents a 0.07 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Touraj Parang sold 50,000 shares of the stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $12.99, for a total transaction of $649,500.00. Following the sale, the chief operating officer now directly owns 1,163,439 shares in the company, valued at approximately $15,113,072.61. This represents a 4.12 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 145,531 shares of company stock valued at $2,296,330 in the last 90 days. 21.40% of the stock is currently owned by insiders.

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Wall Street Analysts Forecast Growth

Separately, Northland Securities set a $23.00 target price on shares of Serve Robotics in a report on Tuesday, February 18th. Two equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat.com, Serve Robotics presently has an average rating of "Strong Buy" and a consensus target price of $19.50.

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.