Serve Robotics Inc. (NASDAQ:SERV) Stock Has Average Price Target of $14.77

Serve Robotics Inc. (NASDAQ:SERV) has been given an average recommendation of “Moderate Buy” by the eight analysts that are presently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, one has given a hold recommendation, five have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among analysts that have covered the stock in the last year is $14.77.

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

Insider Activity at Serve Robotics

In other Serve Robotics news, CFO Brian Read sold 9,700 shares of the business’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $4.80, for a total transaction of $46,560.00. Following the completion of the sale, the chief financial officer owned 276,002 shares in the company, valued at $1,324,809.60. The trade was a 3.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed 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, CEO Ali Kashani sold 45,158 shares of the stock in a transaction 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 sale, the chief executive officer directly owned 3,232,933 shares in the company, valued at $14,742,174.48. This trade 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. In the last ninety days, insiders have sold 124,220 shares of company stock valued at $585,554. Corporate insiders own 5.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. lifted 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 worth $39,749,000 after acquiring an additional 1,190,622 shares during the last quarter. State Street Corp lifted its holdings 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 purchasing an additional 1,168,714 shares during the last quarter. Legal & General Group Plc acquired a new position in Serve Robotics during the 2nd quarter valued at approximately $8,410,000. Grange Capital LLC acquired a new position in Serve Robotics during the 1st quarter valued at approximately $2,426,000. Finally, Landscape Capital Management L.L.C. bought a new position in Serve Robotics during the 2nd quarter worth $1,788,000.

Serve Robotics Stock Down 1.3%

SERV stock opened at $4.45 on Friday. The stock’s 50 day moving average is $4.83 and its two-hundred day moving average is $6.98. Serve Robotics has a 52-week low of $4.17 and a 52-week high of $18.64. The company has a market capitalization of $385.86 million, a PE ratio of -1.82 and a beta of 1.25.

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