Serve Robotics Inc. (SERV) – What Are Researchers Saying About This Stock?

Shares of Serve Robotics Inc. (NASDAQ:SERV) have received a consensus recommendation of “Moderate Buy” from the ten analysts that are currently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, three have given a hold recommendation, five have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price target among analysts that have covered the stock in the last year is $12.14.

SERV has been the topic of several recent analyst reports. Cantor Fitzgerald lowered shares of Serve Robotics from an “overweight” rating to a “neutral” rating in a report on Friday, August 7th. Yorkville Ives started coverage on Serve Robotics in a research note on Monday, October 5th. They set an “outperform” rating and a $8.00 price objective on the stock. Oppenheimer reiterated an “outperform” rating on shares of Serve Robotics in a research report on Friday, November 6th. Ladenburg Thalmann & Co. Inc. lowered their price target on Serve Robotics from $15.00 to $13.60 and set a “buy” rating on the stock in a research report on Friday, November 6th. Finally, Freedom Capital upgraded Serve Robotics from a “hold” rating to a “strong-buy” rating in a report on Friday, August 14th.

Serve Robotics Price Performance

Shares of SERV stock traded down $0.28 during trading hours on Friday, reaching $2.62. 4,813,613 shares of the company’s stock were exchanged, compared to its average volume of 3,853,199. The company has a market cap of $230.26 million, a P/E ratio of -1.01 and a beta of 1.91. Serve Robotics has a 1 year low of $2.26 and a 1 year high of $16.08. The company’s 50 day moving average is $3.78 and its two-hundred day moving average is $6.78.

Serve Robotics (NASDAQ:SERV) last released its quarterly earnings data on Thursday, November 5th. The company reported ($0.68) EPS for the quarter, topping the consensus estimate of ($0.70) by $0.02. Serve Robotics had a negative net margin of 2,079.02% and a negative return on equity of 62.35%. The business had revenue of $2.83 million for the quarter, compared to analyst estimates of $1.63 million. As a group, analysts predict that Serve Robotics will post -2.90 EPS for the current fiscal year.

Insider Activity

In other news, CEO Ali Kashani sold 45,158 shares of the firm’s stock in a transaction that occurred 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 owned 3,232,933 shares of the company’s stock, valued at approximately $14,742,174.48. This trade represents a 1.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through 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 on Tuesday, August 18th. The stock was sold at an average price of $4.55, for a total transaction of $172,868.15. Following the sale, the chief operating officer directly owned 1,260,251 shares of the company’s stock, valued at $5,734,142.05. This represents a 2.93% 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 three months, insiders have sold 124,220 shares of company stock worth $585,554. Corporate insiders own 5.00% of the company’s stock.

Hedge Funds Weigh In On Serve Robotics

A number of hedge funds have recently bought and sold shares of SERV. Legal & General Group Plc bought a new position in Serve Robotics during the second quarter worth about $8,410,000. BlackRock Inc. raised its holdings in Serve Robotics by 24.5% in the 2nd quarter. BlackRock Inc. now owns 6,040,854 shares of the company’s stock worth $39,749,000 after purchasing an additional 1,190,622 shares in the last quarter. State Street Corp increased its stake in shares of Serve Robotics by 90.7% in the 2nd quarter. State Street Corp now owns 2,456,658 shares of the company’s stock worth $16,165,000 after acquiring an additional 1,168,714 shares in the last quarter. Landscape Capital Management L.L.C. bought a new stake in Serve Robotics during the 2nd quarter valued at about $1,788,000. Finally, Bank of America Corp DE purchased a new stake in shares of Serve Robotics during the 2nd quarter valued at about $955,000.

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.