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

Shares of Serve Robotics Inc. (NASDAQ:SERV) have received an average recommendation of “Moderate Buy” from the seven brokerages that are presently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, one has given a hold recommendation, four have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $14.77.

A number of equities research analysts recently commented on the company. Oppenheimer lowered their price target 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. Guggenheim dropped their price objective on Serve Robotics from $13.00 to $7.00 and set a “buy” rating on the stock in a research note on Monday, August 10th. Freedom Capital raised 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 report on Tuesday, July 21st. Finally, Cantor Fitzgerald lowered shares of Serve Robotics from an “overweight” rating to a “neutral” rating in a research note on Friday, August 7th.

Serve Robotics Stock Down 3.1%

Shares of SERV opened at $3.79 on Wednesday. The business’s fifty day moving average is $4.69 and its 200 day moving average is $6.54. Serve Robotics has a 12-month low of $3.72 and a 12-month high of $18.64. The stock has a market cap of $328.63 million, a P/E ratio of -1.55 and a beta of 1.43.

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

Insider Activity at Serve Robotics

In related news, COO Touraj Parang sold 37,993 shares of the firm’s stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $4.55, for a total transaction of $172,868.15. Following the transaction, the chief operating officer directly owned 1,260,251 shares of the company’s stock, valued at $5,734,142.05. This trade represents a 2.93% 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, CFO Brian Read sold 25,240 shares of the business’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $5.24, for a total transaction of $132,257.60. Following the transaction, the chief financial officer owned 291,831 shares in the company, valued at approximately $1,529,194.44. This trade represents a 7.96% 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. Insiders have sold 124,220 shares of company stock valued at $585,554 over the last ninety days. Corporate insiders own 5.00% of the company’s stock.

Hedge Funds Weigh In On Serve Robotics

Several hedge funds have recently modified their holdings of SERV. FNY Investment Advisers LLC purchased a new position in shares of Serve Robotics in the 2nd quarter worth approximately $26,000. Allworth Financial LP bought a new position in shares of Serve Robotics in the second quarter valued at approximately $26,000. EverSource Wealth Advisors LLC grew its holdings in shares of 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 acquiring an additional 2,082 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its holdings in shares of Serve Robotics by 75.2% in the second quarter. Caitong International Asset Management Co. Ltd now owns 6,861 shares of the company’s stock valued at $45,000 after acquiring an additional 2,944 shares in the last quarter. Finally, Concurrent Investment Advisors LLC purchased a new stake in shares of Serve Robotics during the second quarter valued at approximately $71,000.

About Serve Robotics

Serve Robotics develops and operates autonomous, sidewalk-based 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 urban environments, interact with pedestrians and complete deliveries with limited human assistance.

The company’s delivery platform is intended to support restaurants, merchants and delivery providers by offering an additional fulfillment option for local orders.