Serve Robotics Inc. (NASDAQ:SERV) Receives Average Rating of “Moderate Buy” from Brokerages

Serve Robotics Inc. (NASDAQ:SERV) has earned a consensus recommendation of “Moderate Buy” from the eight brokerages that are covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell rating, one has assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $14.7667.

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

Serve Robotics Stock Performance

Shares of NASDAQ:SERV opened at $4.31 on Friday. The firm has a market capitalization of $373.72 million, a PE ratio of -1.76 and a beta of 1.25. Serve Robotics has a 52-week low of $4.17 and a 52-week high of $18.64. The firm has a fifty day moving average of $4.86 and a 200 day moving average of $7.04.

Serve Robotics (NASDAQ:SERV) last released its quarterly 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). Serve Robotics had a negative net margin of 2,315.80% and a negative return on equity of 55.34%. The firm had revenue of $3.24 million for the quarter, compared to analysts’ expectations of $3.51 million. On average, sell-side analysts forecast that Serve Robotics will post -2.71 EPS for the current fiscal year.

Insider Activity

In related news, COO Touraj Parang sold 37,993 shares of Serve Robotics stock in a transaction on 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 owned 1,260,251 shares in the company, valued at $5,734,142.05. This trade represents a 2.93% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Brian Read sold 9,700 shares of the business’s stock in a transaction on Wednesday, August 19th. The stock was 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 directly owned 276,002 shares of the company’s stock, valued at $1,324,809.60. This represents a 3.40% decrease in their ownership of the stock. 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 90 days, insiders 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

Institutional investors and hedge funds have recently modified their holdings of the stock. Jupiter Asset Management Ltd. bought a new stake in shares of Serve Robotics in the 4th quarter valued at about $1,427,000. Grange Capital LLC bought a new position in Serve Robotics during the 1st quarter worth approximately $2,426,000. BlackRock Inc. grew its position in 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 during the last quarter. Landscape Capital Management L.L.C. purchased a new position in Serve Robotics in the 2nd quarter worth approximately $1,788,000. Finally, Legal & General Group Plc purchased a new position in Serve Robotics in the 2nd quarter worth approximately $8,410,000.

Serve Robotics Company Profile

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.