Serve Robotics (NASDAQ:SERV – Get Free Report) had its price objective dropped by LADENBURG THALM/SH SH from $15.00 to $13.60 in a report released on Friday, Benzinga reports. The firm currently has a “buy” rating on the stock. LADENBURG THALM/SH SH‘s price target would suggest a potential upside of 322.36% from the stock’s previous close.
A number of other equities analysts also recently commented on SERV. Guggenheim cut their target price on shares of Serve Robotics from $13.00 to $7.00 and set a “buy” rating on the stock in a research note on Monday, August 10th. Yorkville Ives initiated coverage on shares of Serve Robotics in a research report on Monday, October 5th. They set an “outperform” rating and a $8.00 price target for the company. Freedom Capital upgraded Serve Robotics from a “hold” rating to a “strong-buy” rating in a report on Friday, August 14th. Weiss Ratings raised Serve Robotics from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, October 30th. Finally, Zacks Research lowered Serve Robotics from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 13th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Serve Robotics has a consensus rating of “Moderate Buy” and an average price target of $13.37.
View Our Latest Research Report on Serve Robotics
Serve Robotics Stock Performance
Shares of SERV stock opened at $3.22 on Friday. Serve Robotics has a one year low of $2.26 and a one year high of $16.08. The company has a 50 day moving average price of $3.96 and a 200 day moving average price of $7.02. The firm has a market capitalization of $279.21 million, a price-to-earnings ratio of -1.24 and a beta of 1.92.
Serve Robotics (NASDAQ:SERV – Get Free Report) last posted its quarterly earnings results on Thursday, November 5th. The company reported ($0.68) earnings per share for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $1.63 million. As a group, equities analysts forecast that Serve Robotics will post -2.87 EPS for the current fiscal year.
Insiders Place Their Bets
In other news, COO Touraj Parang sold 37,993 shares of the firm’s stock in a transaction dated 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 directly owned 1,260,251 shares in the company, valued at $5,734,142.05. This trade represents a 2.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, 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 firm’s stock in a transaction dated Tuesday, August 18th. The shares were 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 $14,742,174.48. This represents a 1.38% decrease in their ownership of the stock. 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 have sold 124,220 shares of company stock worth $585,554 in the last quarter. 5.00% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
Several institutional investors have recently modified their holdings of the business. Allworth Financial LP purchased a new position in Serve Robotics in the second quarter valued at about $26,000. FNY Investment Advisers LLC acquired a new stake in Serve Robotics during the 2nd quarter valued at approximately $26,000. EverSource Wealth Advisors LLC increased its holdings in Serve Robotics by 65.2% during the 1st quarter. EverSource Wealth Advisors LLC now owns 5,274 shares of the company’s stock worth $45,000 after purchasing an additional 2,082 shares during the last quarter. Caitong International Asset Management Co. Ltd increased its holdings in Serve Robotics by 75.2% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 6,861 shares of the company’s stock worth $45,000 after purchasing an additional 2,944 shares during the last quarter. Finally, Concurrent Investment Advisors LLC purchased a new stake in Serve Robotics during the 2nd quarter worth approximately $71,000.
About Serve Robotics
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.
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