Serve Robotics (NASDAQ:SERV) Upgraded to Hold at Zacks Research

Zacks Research upgraded shares of Serve Robotics (NASDAQ:SERV) from a strong sell rating to a hold rating in a research note issued to investors on Wednesday morning,Zacks reports.

A number of other brokerages also recently issued reports on SERV. Guggenheim cut their target price on Serve Robotics from $13.00 to $7.00 and set a “buy” rating for the company in a research note on Monday, August 10th. Ladenburg Thalmann & Co. Inc. reduced their price target on Serve Robotics from $15.00 to $13.60 and set a “buy” rating for the company in a report on Friday, November 6th. Cantor Fitzgerald downgraded Serve Robotics from an “overweight” rating to a “neutral” rating in a research note on Friday, August 7th. Freedom Capital raised Serve Robotics from a “hold” rating to a “strong-buy” rating in a report on Friday, August 14th. Finally, Yorkville Ives started coverage on Serve Robotics in a research report on Monday, October 5th. They issued an “outperform” rating and a $8.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Serve Robotics currently has an average rating of “Moderate Buy” and a consensus target price of $13.37.

Serve Robotics Stock Down 8.2%

Shares of NASDAQ:SERV opened at $2.90 on Wednesday. The company has a market cap of $254.88 million, a price-to-earnings ratio of -1.12 and a beta of 1.91. The firm’s 50-day simple moving average is $3.82 and its 200-day simple moving average is $6.83. Serve Robotics has a fifty-two week low of $2.26 and a fifty-two week high of $16.08.

Serve Robotics (NASDAQ:SERV) last posted its quarterly earnings results on Thursday, November 5th. The company reported ($0.68) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.70) by $0.02. The firm had revenue of $2.83 million during the quarter, compared to analysts’ expectations of $1.63 million. Serve Robotics had a negative net margin of 2,079.02% and a negative return on equity of 62.35%. On average, research analysts forecast that Serve Robotics will post -2.90 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Brian Read sold 25,240 shares of Serve Robotics stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $5.24, for a total transaction of $132,257.60. Following the completion of the sale, the chief financial officer directly owned 291,831 shares in the company, valued at approximately $1,529,194.44. This trade represents a 7.96% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 business’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $4.55, for a total value of $172,868.15. Following the sale, the chief operating officer directly 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 SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 124,220 shares of company stock worth $585,554. 5.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Serve Robotics

Several hedge funds have recently bought and sold shares of the company. State Street Corp boosted its holdings in shares of Serve Robotics by 3.0% in the 3rd quarter. State Street Corp now owns 2,530,526 shares of the company’s stock valued at $11,767,000 after purchasing an additional 73,868 shares during the last quarter. White Pine Capital LLC acquired a new stake in shares of Serve Robotics during the 3rd quarter worth $488,000. United Advisor Group LLC acquired a new stake in shares of Serve Robotics during the 3rd quarter worth $74,000. Integrity Alliance LLC. purchased a new position in shares of Serve Robotics in the 3rd quarter worth $164,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Serve Robotics in the 3rd quarter worth $61,000.

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.