Serve Robotics (NASDAQ:SERV) Downgraded by Freedom Broker to “Hold”

Serve Robotics (NASDAQ:SERV) was downgraded by equities research analysts at Freedom Broker from a “buy” rating to a “hold” rating in a research note issued to investors on Friday, Briefing.com reports. They currently have a $3.50 price target on the stock. Freedom Broker‘s price target suggests a potential upside of 33.33% from the company’s previous close.

SERV has been the subject of several other research reports. Oppenheimer reaffirmed an “outperform” rating on shares of Serve Robotics in a research report on Friday, November 6th. Cantor Fitzgerald cut shares of Serve Robotics from an “overweight” rating to a “neutral” rating in a research report on Friday, August 7th. Yorkville Ives started coverage on shares of Serve Robotics in a research note on Monday, October 5th. They issued an “outperform” rating and a $8.00 target price for the company. Freedom Capital raised shares of Serve Robotics from a “hold” rating to a “strong-buy” rating in a report on Friday, August 14th. Finally, Ladenburg Thalmann & Co. Inc. dropped their price target on shares of Serve Robotics from $15.00 to $13.60 and set a “buy” rating on the stock in a research note on Friday, November 6th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $12.14.

Serve Robotics Stock Down 9.5%

Shares of SERV stock traded down $0.28 during mid-day trading on Friday, reaching $2.62. The company’s stock had a trading volume of 4,150,093 shares, compared to its average volume of 4,483,841. The company’s 50 day simple moving average is $3.82 and its 200-day simple moving average is $6.83. Serve Robotics has a 12-month low of $2.26 and a 12-month high of $16.08. The firm has a market capitalization of $230.71 million, a PE ratio of -1.01 and a beta of 1.91.

Serve Robotics (NASDAQ:SERV) last announced its quarterly earnings results on Thursday, November 5th. The company reported ($0.68) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.70) by $0.02. Serve Robotics had a negative return on equity of 62.35% and a negative net margin of 2,079.02%. The firm had revenue of $2.83 million during the quarter, compared to the consensus estimate of $1.63 million. As a group, research analysts anticipate that Serve Robotics will post -2.90 EPS for the current fiscal year.

Insider Transactions at Serve Robotics

In related news, CFO Brian Read sold 9,700 shares of Serve Robotics stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $4.80, for a total value of $46,560.00. Following the completion of the sale, the chief financial officer owned 276,002 shares in the company, valued at approximately $1,324,809.60. The trade was a 3.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Ali Kashani sold 45,158 shares of the company’s stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $4.56, for a total transaction of $205,920.48. Following the completion of the sale, the chief executive officer directly owned 3,232,933 shares in the company, valued at $14,742,174.48. This represents a 1.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 124,220 shares of company stock valued at $585,554. 5.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Serve Robotics

Several large investors have recently modified their holdings of SERV. EverSource Wealth Advisors LLC increased its holdings in Serve Robotics by 65.2% in the first quarter. EverSource Wealth Advisors LLC now owns 5,274 shares of the company’s stock valued at $45,000 after buying an additional 2,082 shares during the last quarter. NFSG Corp lifted its holdings in Serve Robotics by 27.6% during the 1st quarter. NFSG Corp now owns 11,570 shares of the company’s stock worth $98,000 after buying an additional 2,500 shares during the last quarter. Sanctuary Advisors LLC lifted its holdings in Serve Robotics by 17.3% during the 1st quarter. Sanctuary Advisors LLC now owns 19,185 shares of the company’s stock worth $162,000 after buying an additional 2,824 shares during the last quarter. Caitong International Asset Management Co. Ltd grew its position in shares of Serve Robotics by 75.2% in the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 6,861 shares of the company’s stock worth $45,000 after acquiring an additional 2,944 shares in the last quarter. Finally, Wealthfront Advisers LLC grew its position in shares of Serve Robotics by 28.7% in the 1st quarter. Wealthfront Advisers LLC now owns 14,791 shares of the company’s stock worth $125,000 after acquiring an additional 3,302 shares in the last quarter.

About Serve Robotics

Serve Robotics develops autonomous, low-emission sidewalk robots for last-mile delivery. Its robots are designed to carry food and other goods from merchants to customers, using onboard sensors, cameras and software to navigate pedestrian environments. The company’s business includes providing robotic delivery services and working with merchants and delivery platforms. Its systems combine autonomous navigation with remote human oversight to help manage deliveries and respond to situations encountered on sidewalks.