Serve Robotics (NASDAQ:SERV) Stock Gets Price Target Trim from LADENBURG THALM/SH SH

Serve Robotics (NASDAQ:SERV) had its price target lowered by LADENBURG THALM/SH SH from $15.00 to $13.60 in a report published on Friday,Benzinga reports. The firm currently has a buy rating on the stock.

Other research analysts also recently issued research reports about the company. Freedom Capital raised Serve Robotics from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 14th. Zacks Research lowered shares of Serve Robotics from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 13th. Yorkville Ives started coverage on shares of Serve Robotics in a research report on Monday, October 5th. They set an “outperform” rating and a $8.00 target price on the stock. Oppenheimer reissued an “outperform” rating on shares of Serve Robotics in a report on Friday. Finally, Guggenheim decreased their price target on shares of Serve Robotics from $13.00 to $7.00 and set a “buy” rating for the company in a research report on Monday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $13.37.

Serve Robotics Price Performance

Shares of SERV stock opened at $3.22 on Friday. The firm has a market capitalization of $279.21 million, a P/E ratio of -1.24 and a beta of 1.92. Serve Robotics has a twelve month low of $2.26 and a twelve month high of $16.08. The stock’s fifty day simple moving average is $3.96 and its 200 day simple moving average is $7.02.

Serve Robotics (NASDAQ:SERV) last posted its earnings results on Thursday, November 5th. The company reported ($0.68) EPS for the quarter, beating the consensus estimate of ($0.70) by $0.02. Serve Robotics had a negative return on equity of 62.35% and a negative net margin of 2,079.02%. The firm had revenue of $2.83 million during the quarter, compared to the consensus estimate of $1.63 million. As a group, equities research analysts expect that Serve Robotics will post -2.87 EPS for the current fiscal year.

Insiders Place Their Bets

In other Serve Robotics news, CEO Ali Kashani sold 45,158 shares of Serve Robotics stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $4.56, for a total transaction of $205,920.48. Following the transaction, the chief executive officer directly owned 3,232,933 shares of the company’s stock, valued at approximately $14,742,174.48. The trade was a 1.38% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through 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 company’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $5.24, for a total value of $132,257.60. Following the completion of the sale, the chief financial officer owned 291,831 shares in the company, valued at $1,529,194.44. This trade represents a 7.96% 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. In the last three months, insiders have sold 124,220 shares of company stock valued at $585,554. 5.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Serve Robotics

Hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. raised its stake in Serve Robotics by 24.5% during the second quarter. BlackRock Inc. now owns 6,040,854 shares of the company’s stock worth $39,749,000 after buying an additional 1,190,622 shares during the last quarter. State Street Corp lifted its holdings in Serve Robotics by 90.7% in the second quarter. State Street Corp now owns 2,456,658 shares of the company’s stock valued at $16,165,000 after buying an additional 1,168,714 shares during the period. Legal & General Group Plc bought a new stake in Serve Robotics during the second quarter valued at $8,410,000. Landscape Capital Management L.L.C. bought a new stake in Serve Robotics during the second quarter valued at $1,788,000. Finally, Bank of New York Mellon Corp grew its holdings in Serve Robotics by 29.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 233,084 shares of the company’s stock worth $1,534,000 after acquiring an additional 53,303 shares during the period.

Serve Robotics Company Profile

Serve Robotics develops and operates autonomous, electric sidewalk delivery robots designed to transport goods over short distances. Its robots use cameras, sensors, artificial intelligence and remote human assistance to navigate sidewalks, cross streets and interact with customers while delivering items such as restaurant meals, groceries and other local orders.

The company’s services are primarily aimed at on-demand delivery platforms, restaurants and retailers. Serve has deployed its robots for commercial deliveries in the United States, including the Los Angeles area, and has worked with partners such as Uber Eats to support local delivery operations.