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

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

A number of other equities analysts also recently issued reports on the company. Cantor Fitzgerald downgraded Serve Robotics from an “overweight” rating to a “neutral” rating in a research report on Friday, August 7th. Ladenburg Thalmann & Co. Inc. dropped their price objective on shares of Serve Robotics from $15.00 to $13.60 and set a “buy” rating on the stock in a report on Friday, November 6th. Oppenheimer reissued an “outperform” rating on shares of Serve Robotics in a report on Friday, November 6th. Freedom Capital upgraded Serve Robotics from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 14th. Finally, Yorkville Ives began coverage on Serve Robotics in a research note on Monday, October 5th. They set an “outperform” rating and a $8.00 price target on the stock. One 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 given a Sell rating to the stock. According to data from MarketBeat, Serve Robotics currently has an average rating of “Moderate Buy” and an average target price of $13.37.

Serve Robotics Trading Down 8.2%

Shares of SERV opened at $2.90 on Wednesday. The firm has a market capitalization of $254.88 million, a P/E ratio of -1.12 and a beta of 1.91. Serve Robotics has a 12-month low of $2.26 and a 12-month high of $16.08. The firm has a fifty day moving average price of $3.82 and a 200-day moving average price of $6.83.

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 analysts’ consensus estimates of ($0.70) by $0.02. The business had revenue of $2.83 million for the quarter, compared to the consensus estimate of $1.63 million. Serve Robotics had a negative return on equity of 62.35% and a negative net margin of 2,079.02%. Analysts predict that Serve Robotics will post -2.90 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Brian Read sold 9,700 shares of the company’s stock in a transaction on Wednesday, August 19th. The shares were 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 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. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through 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 company’s stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $4.56, for a total transaction of $205,920.48. Following the sale, the chief executive officer directly 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. 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 worth $585,554. Insiders own 5.00% of the company’s stock.

Hedge Funds Weigh In On Serve Robotics

Institutional investors have recently bought and sold shares of the company. State Street Corp boosted its holdings in Serve Robotics by 3.0% in the third 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 in the last quarter. White Pine Capital LLC purchased a new stake in shares of Serve Robotics during the 3rd quarter worth approximately $488,000. United Advisor Group LLC purchased a new stake in shares of Serve Robotics during the 3rd quarter worth approximately $74,000. Integrity Alliance LLC. acquired a new position in shares of Serve Robotics in the 3rd quarter valued at $164,000. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Serve Robotics in the 3rd quarter valued at $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.