1,371,454 Shares in Serve Robotics Inc. $SERV Acquired by Legal & General Group Plc

Legal & General Group Plc bought a new position in shares of Serve Robotics Inc. (NASDAQ:SERV) during the second quarter, Holdings Channel reports. The fund bought 1,371,454 shares of the company’s stock, valued at approximately $8,410,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company bought a new position in shares of Serve Robotics during the second quarter valued at $125,000. Sanctuary Advisors LLC acquired a new position in shares of Serve Robotics during the second quarter worth $206,000. Landscape Capital Management L.L.C. bought a new stake in shares of Serve Robotics in the second quarter worth $1,788,000. Allworth Financial LP bought a new stake in shares of Serve Robotics in the second quarter worth $26,000. Finally, BlackRock Inc. increased its holdings in Serve Robotics by 24.5% in the second quarter. BlackRock Inc. now owns 6,040,854 shares of the company’s stock valued at $39,749,000 after purchasing an additional 1,190,622 shares during the period.

Analysts Set New Price Targets

Several brokerages recently issued reports on SERV. Oppenheimer lowered their target price on Serve Robotics from $20.00 to $7.00 and set an “outperform” rating for the company in a research report on Friday, August 7th. Cantor Fitzgerald cut Serve Robotics from an “overweight” rating to a “neutral” rating in a research note on Friday, August 7th. LADENBURG THALM/SH SH raised their price objective on Serve Robotics from $15.00 to $16.60 and gave the stock a “buy” rating in a research report on Wednesday, May 13th. Freedom Capital raised Serve Robotics from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 14th. Finally, Guggenheim reduced their target price on Serve Robotics from $13.00 to $7.00 and set a “buy” rating on the stock in a report on Monday, August 10th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $14.77.

Insiders Place Their Bets

In other news, Director David Michael Goldberg sold 10,600 shares of the business’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $7.20, for a total value of $76,320.00. Following the transaction, the director directly owned 35,125 shares of the company’s stock, valued at $252,900. The trade was a 23.18% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brian Read sold 25,240 shares of the company’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $5.24, for a total value of $132,257.60. Following the sale, the chief financial officer owned 291,831 shares in the company, valued at approximately $1,529,194.44. The trade was a 7.96% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 156,420 shares of company stock valued at $818,258. Insiders own 5.00% of the company’s stock.

Serve Robotics Stock Down 3.7%

Shares of NASDAQ SERV opened at $4.69 on Wednesday. Serve Robotics Inc. has a twelve month low of $4.32 and a twelve month high of $18.64. The firm has a fifty day simple moving average of $5.35 and a 200 day simple moving average of $7.61. The company has a market capitalization of $406.67 million, a PE ratio of -1.91 and a beta of 1.26.

Serve Robotics (NASDAQ:SERV) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.80) EPS for the quarter, missing analysts’ consensus estimates of ($0.69) by ($0.11). The firm had revenue of $3.24 million for the quarter, compared to the consensus estimate of $3.51 million. Serve Robotics had a negative net margin of 2,315.80% and a negative return on equity of 55.34%. As a group, equities analysts expect that Serve Robotics Inc. will post -2.71 earnings per share for the current fiscal year.

Serve Robotics Profile

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.