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

Shares of Serve Robotics Inc. (NASDAQ:SERV) have received a consensus rating of “Moderate Buy” from the eight analysts that are covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, five have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $14.7667.

A number of research analysts have recently issued reports on SERV shares. Cantor Fitzgerald cut shares of Serve Robotics from an “overweight” rating to a “neutral” rating in a report on Friday, August 7th. Freedom Capital upgraded shares of Serve Robotics from a “hold” rating to a “strong-buy” rating in a report on Friday, August 14th. Weiss Ratings raised shares of Serve Robotics from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, July 21st. Guggenheim cut their price target on Serve Robotics from $13.00 to $7.00 and set a “buy” rating for the company in a research note on Monday, August 10th. Finally, Oppenheimer decreased their price objective on Serve Robotics from $20.00 to $7.00 and set an “outperform” rating for the company in a report on Friday, August 7th.

Insider Activity

In related news, CEO Ali Kashani sold 45,158 shares of Serve Robotics stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $4.56, for a total transaction of $205,920.48. Following the transaction, the chief executive officer owned 3,232,933 shares of the company’s stock, valued at $14,742,174.48. The trade was a 1.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Touraj Parang sold 37,993 shares of Serve Robotics stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $4.55, for a total value of $172,868.15. Following the transaction, the chief operating officer directly owned 1,260,251 shares in the company, valued at approximately $5,734,142.05. The trade was a 2.93% 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. Insiders have sold 124,220 shares of company stock worth $585,554 over the last 90 days. 5.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in SERV. FNY Investment Advisers LLC purchased a new position in Serve Robotics during the second quarter worth about $26,000. Allworth Financial LP bought a new stake in Serve Robotics in the 2nd quarter worth about $26,000. Gordian Capital Singapore Pte Ltd purchased a new stake in Serve Robotics in the 4th quarter valued at about $31,000. EverSource Wealth Advisors LLC increased its stake in Serve Robotics by 299.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 3,192 shares of the company’s stock valued at $33,000 after buying an additional 2,392 shares during the last quarter. Finally, Harbour Investments Inc. increased its stake in Serve Robotics by 149.3% in the 4th quarter. Harbour Investments Inc. now owns 3,740 shares of the company’s stock valued at $39,000 after buying an additional 2,240 shares during the last quarter.

Serve Robotics Trading Up 2.6%

NASDAQ SERV opened at $4.41 on Friday. The company has a fifty day simple moving average of $4.94 and a 200 day simple moving average of $7.17. Serve Robotics has a 12-month low of $4.17 and a 12-month high of $18.64. The company has a market cap of $382.39 million, a P/E ratio of -1.80 and a beta of 1.25.

Serve Robotics (NASDAQ:SERV) last announced 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). Serve Robotics had a negative net margin of 2,315.80% and a negative return on equity of 55.34%. The business had revenue of $3.24 million for the quarter, compared to the consensus estimate of $3.51 million. Sell-side analysts predict that Serve Robotics will post -2.71 EPS for the current year.

About Serve Robotics

Serve Robotics develops and operates autonomous sidewalk delivery robots designed to transport food, groceries, and other goods over short distances. Its robots use cameras, sensors, mapping technology, and artificial intelligence to navigate sidewalks, crossings, and other urban environments while allowing customers to receive deliveries through a digital platform.

The company’s delivery service is intended for restaurants, retailers, and delivery platforms seeking an alternative to traditional courier services.