Zacks Research Upgrades Serve Robotics (NASDAQ:SERV) to “Hold”

Serve Robotics (NASDAQ:SERV) was upgraded by research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Wednesday, Zacks reports.

A number of other equities analysts also recently weighed in on SERV. Ladenburg Thalmann & Co. Inc. lowered their price target on Serve Robotics from $15.00 to $13.60 and set a “buy” rating on the stock in a research report on Friday, November 6th. Weiss Ratings raised Serve Robotics from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, October 30th. Guggenheim cut their price objective on Serve Robotics from $13.00 to $7.00 and set a “buy” rating for the company in a research report on Monday, August 10th. Oppenheimer reiterated an “outperform” rating on shares of Serve Robotics in a research note on Friday, November 6th. Finally, Cantor Fitzgerald lowered Serve Robotics from an “overweight” rating to a “neutral” rating in a report on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $13.37.

Serve Robotics Price Performance

Shares of SERV opened at $2.90 on Wednesday. The firm has a 50-day moving average of $3.82 and a 200-day moving average of $6.83. Serve Robotics has a one year low of $2.26 and a one year high of $16.08. The company has a market cap of $254.88 million, a PE ratio of -1.12 and a beta of 1.91.

Serve Robotics (NASDAQ:SERV) last released its quarterly earnings data on Thursday, November 5th. The company reported ($0.68) earnings per share for the quarter, topping the consensus estimate of ($0.70) by $0.02. Serve Robotics had a negative net margin of 2,079.02% and a negative return on equity of 62.35%. The company had revenue of $2.83 million for the quarter, compared to analyst estimates of $1.63 million. Analysts expect that Serve Robotics will post -2.90 earnings per share for the current year.

Insiders Place Their Bets

In other news, 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 transaction of $172,868.15. Following the completion of the sale, the chief operating officer owned 1,260,251 shares in the company, valued at $5,734,142.05. The trade was a 2.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Ali Kashani sold 45,158 shares of the business’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $4.56, for a total value of $205,920.48. Following the sale, the chief executive officer owned 3,232,933 shares of the company’s stock, valued at approximately $14,742,174.48. This represents a 1.38% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 124,220 shares of company stock worth $585,554 over the last three months. Insiders own 5.00% of the company’s stock.

Institutional Trading of Serve Robotics

Several institutional investors have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC grew its holdings in Serve Robotics by 65.2% in the 1st quarter. EverSource Wealth Advisors LLC now owns 5,274 shares of the company’s stock valued at $45,000 after buying an additional 2,082 shares in the last quarter. NFSG Corp lifted its holdings in shares of Serve Robotics by 27.6% during the first quarter. NFSG Corp now owns 11,570 shares of the company’s stock worth $98,000 after buying an additional 2,500 shares in the last quarter. Sanctuary Advisors LLC lifted its holdings in shares of Serve Robotics by 17.3% during the first quarter. Sanctuary Advisors LLC now owns 19,185 shares of the company’s stock worth $162,000 after buying an additional 2,824 shares in the last quarter. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Serve Robotics by 75.2% during the second quarter. Caitong International Asset Management Co. Ltd now owns 6,861 shares of the company’s stock worth $45,000 after buying an additional 2,944 shares in the last quarter. Finally, Wealthfront Advisers LLC boosted its position in shares of Serve Robotics by 28.7% in the first quarter. Wealthfront Advisers LLC now owns 14,791 shares of the company’s stock valued at $125,000 after acquiring an additional 3,302 shares during the period.

Serve Robotics Company Profile

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.