LADENBURG THALM/SH SH Has Lowered Expectations for Serve Robotics (NASDAQ:SERV) Stock Price

Key Points

• Ladenburg Thalmann cut its Serve Robotics price target from $15 to $13.60 but maintained a Buy rating; at Friday’s $3.22 opening price, the target implied 322% upside.
• Analyst views remain mixed: MarketBeat’s consensus is Moderate Buy, with an average target of $13.37, while ratings range from Strong Buy to Sell.
• Serve reported a quarterly loss of $0.68 per share, slightly better than estimates, and revenue of $2.83 million versus the $1.63 million consensus forecast.

Serve Robotics (NASDAQ:SERV - Get Free Report) had its target price reduced by stock analysts at LADENBURG THALM/SH SH from $15.00 to $13.60 in a note issued to investors on Friday, Benzinga reports. The firm currently has a "buy" rating on the stock. LADENBURG THALM/SH SH's price objective indicates a potential upside of 322.36% from the company's current price.

Several other research analysts also recently issued reports on the company. Yorkville Ives assumed coverage on shares of Serve Robotics in a research report on Monday, October 5th. They issued an "outperform" rating and a $8.00 price objective on the stock. Zacks Research cut shares of Serve Robotics from a "hold" rating to a "strong sell" rating in a research note on Tuesday, October 13th. Guggenheim dropped their target price on shares of Serve Robotics from $13.00 to $7.00 and set a "buy" rating for the company in a report on Monday, August 10th. Cantor Fitzgerald cut shares of Serve Robotics from an "overweight" rating to a "neutral" rating in a research report on Friday, August 7th. Finally, Freedom Capital raised shares of Serve Robotics from a "hold" rating to a "strong-buy" rating in a report on Friday, August 14th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, Serve Robotics has a consensus rating of "Moderate Buy" and a consensus price target of $13.37.

Serve Robotics Stock Performance

Shares of SERV stock opened at $3.22 on Friday. The stock has a fifty day moving average price of $3.96 and a 200 day moving average price of $7.02. The stock has a market cap of $279.21 million, a PE ratio of -1.24 and a beta of 1.92. Serve Robotics has a 1 year low of $2.26 and a 1 year high of $16.08.

Serve Robotics (NASDAQ:SERV - Get Free Report) last posted its earnings results on Thursday, November 5th. The company reported ($0.68) EPS for the quarter, topping analysts' consensus estimates of ($0.70) by $0.02. The company 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%. As a group, equities research analysts predict that Serve Robotics will post -2.87 earnings per share for the current year.

Insider Transactions at Serve Robotics

In other news, CEO Ali Kashani sold 45,158 shares of the company's stock in a transaction 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 directly owned 3,232,933 shares in the company, valued at $14,742,174.48. This represents a 1.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 on 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 represents a 7.96% decrease in their ownership of the stock. 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. Insiders sold a total of 124,220 shares of company stock valued at $585,554 over the last three months. 5.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Serve Robotics

Hedge funds have recently modified their holdings of the company. United Advisor Group LLC acquired a new stake in shares of Serve Robotics during the third quarter worth $74,000. Integrity Alliance LLC. purchased a new stake in shares of Serve Robotics in the third quarter valued at $164,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in Serve Robotics in the third quarter valued at $61,000. International Assets Investment Management LLC lifted its position in Serve Robotics by 541.0% during the third quarter. International Assets Investment Management LLC now owns 150,000 shares of the company's stock worth $698,000 after buying an additional 126,600 shares during the period. Finally, Vontobel Holding Ltd. boosted its stake in Serve Robotics by 104.1% in the 3rd quarter. Vontobel Holding Ltd. now owns 138,659 shares of the company's stock worth $645,000 after buying an additional 70,737 shares during the last quarter.

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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