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

Shares of Serve Robotics Inc. (NASDAQ:SERV) have received a consensus recommendation of “Moderate Buy” from the nine ratings firms that are covering the stock, Marketbeat reports. Two research analysts have rated the stock with a sell recommendation, one has given a hold recommendation, five have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $13.80.

SERV has been the topic of several recent analyst reports. Weiss Ratings cut Serve Robotics from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday. Cantor Fitzgerald lowered Serve Robotics from an “overweight” rating to a “neutral” rating in a research note on Friday, August 7th. Yorkville Ives assumed coverage on Serve Robotics in a research note on Monday, October 5th. They set an “outperform” rating and a $8.00 price target for the company. Oppenheimer lowered their price target on Serve Robotics from $20.00 to $7.00 and set an “outperform” rating on the stock in a research report on Friday, August 7th. Finally, Freedom Capital upgraded Serve Robotics from a “hold” rating to a “strong-buy” rating in a research report on Friday, August 14th.

Serve Robotics Trading Down 1.0%

SERV stock opened at $3.05 on Wednesday. The firm’s 50-day moving average is $4.50 and its two-hundred day moving average is $6.36. The company has a market capitalization of $264.47 million, a price-to-earnings ratio of -1.24 and a beta of 1.43. Serve Robotics has a 52 week low of $2.99 and a 52 week high of $16.08.

Serve Robotics (NASDAQ:SERV) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.80) earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $3.24 million during the quarter, compared to the consensus estimate of $3.51 million. On average, equities research analysts predict that Serve Robotics will post -2.81 earnings per share for the current year.

Insider Activity

In other news, CEO Ali Kashani sold 45,158 shares of the company’s stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $4.56, for a total value of $205,920.48. Following the completion of the sale, the chief executive officer 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 sale was disclosed in a filing with the SEC, which is available 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 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 value 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 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. Insiders sold a total of 124,220 shares of company stock worth $585,554 over the last 90 days. 5.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Serve Robotics

Institutional investors and hedge funds have recently bought and sold shares of the business. Legal & General Group Plc bought a new position in shares of Serve Robotics in the second quarter valued at $8,410,000. BlackRock Inc. boosted its stake in shares of Serve Robotics by 24.5% during the 2nd 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 in the last quarter. State Street Corp boosted its stake in shares of Serve Robotics by 90.7% during 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. Grange Capital LLC bought a new stake in shares of Serve Robotics during the 1st quarter worth $2,426,000. Finally, Landscape Capital Management L.L.C. bought a new stake in shares of Serve Robotics during the 2nd quarter worth $1,788,000.

Serve Robotics Company Profile

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.