Serve Robotics (NASDAQ:SERV) Price Target Raised to $16.60

Serve Robotics (NASDAQ:SERV) had its target price boosted by equities research analysts at LADENBURG THALM/SH SH from $15.00 to $16.60 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. LADENBURG THALM/SH SH’s price objective suggests a potential upside of 92.35% from the company’s previous close.

A number of other brokerages also recently commented on SERV. Weiss Ratings restated a “sell (d-)” rating on shares of Serve Robotics in a research report on Friday, March 27th. Cantor Fitzgerald cut their target price on Serve Robotics from $17.00 to $16.00 and set an “overweight” rating for the company in a research note on Tuesday, March 17th. Finally, Guggenheim assumed coverage on Serve Robotics in a report on Monday, April 20th. They issued a “buy” rating and a $13.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $17.51.

Serve Robotics Trading Down 1.5%

Shares of SERV traded down $0.13 during mid-day trading on Wednesday, hitting $8.63. 6,589,511 shares of the company’s stock were exchanged, compared to its average volume of 4,898,669. Serve Robotics has a fifty-two week low of $7.66 and a fifty-two week high of $18.64. The business’s 50 day moving average is $9.16 and its two-hundred day moving average is $10.57. The firm has a market capitalization of $667.70 million, a P/E ratio of -4.29 and a beta of 0.96.

Serve Robotics (NASDAQ:SERV) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($0.65) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.57) by ($0.08). The firm had revenue of $2.98 million during the quarter, compared to analysts’ expectations of $2.83 million. Serve Robotics had a negative net margin of 2,639.98% and a negative return on equity of 47.31%. On average, equities research analysts forecast that Serve Robotics will post -2.38 earnings per share for the current year.

Insider Activity at Serve Robotics

In other news, CFO Brian Read sold 2,790 shares of Serve Robotics stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $9.29, for a total transaction of $25,919.10. Following the completion of the sale, the chief financial officer directly owned 318,768 shares in the company, valued at approximately $2,961,354.72. This trade represents a 0.87% 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, CEO Ali Kashani sold 14,644 shares of the business’s stock in a transaction that occurred on Thursday, May 7th. The stock was sold at an average price of $9.26, for a total value of $135,603.44. Following the sale, the chief executive officer directly owned 3,293,976 shares in the company, valued at $30,502,217.76. This trade represents a 0.44% 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. Insiders sold a total of 86,870 shares of company stock worth $804,859 in the last ninety days. Corporate insiders own 5.00% of the company’s stock.

Hedge Funds Weigh In On Serve Robotics

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Serve Robotics by 25.2% during the third quarter. Vanguard Group Inc. now owns 2,594,869 shares of the company’s stock worth $30,178,000 after purchasing an additional 521,945 shares in the last quarter. Geode Capital Management LLC raised its position in Serve Robotics by 29.1% during the fourth quarter. Geode Capital Management LLC now owns 1,457,965 shares of the company’s stock worth $15,137,000 after acquiring an additional 328,405 shares during the last quarter. Exchange Traded Concepts LLC lifted its holdings in shares of Serve Robotics by 12.5% in the fourth quarter. Exchange Traded Concepts LLC now owns 1,247,559 shares of the company’s stock valued at $12,950,000 after purchasing an additional 138,558 shares in the last quarter. State Street Corp lifted its holdings in shares of Serve Robotics by 29.5% in the fourth quarter. State Street Corp now owns 1,245,411 shares of the company’s stock valued at $12,927,000 after purchasing an additional 283,497 shares in the last quarter. Finally, First Trust Advisors LP increased its stake in shares of Serve Robotics by 34.5% during the 4th quarter. First Trust Advisors LP now owns 1,022,459 shares of the company’s stock worth $10,613,000 after purchasing an additional 262,348 shares in the last quarter.

Serve Robotics Company Profile

Serve Robotics develops and operates autonomous sidewalk delivery robots designed to transform last-mile logistics for restaurants, retailers and grocery brands. By combining proprietary hardware, sensor suites and dispatch software, the company enables on-demand deliveries of food, beverages and consumer goods while minimizing reliance on traditional vehicle fleets.

The core Serve robot integrates four-wheeled mobility, LiDAR and vision cameras with AI-driven navigation algorithms to detect obstacles, traverse urban sidewalks and interact safely with pedestrians.