Serve Robotics (NASDAQ:SERV) Upgraded to "Hold" at Zacks Research

Key Points

• Zacks Research upgraded Serve Robotics from “strong sell” to “hold.” Across analysts, the stock has a “Moderate Buy” consensus rating and an average price target of $13.37.
• Serve reported quarterly revenue of $2.83 million, above the $1.63 million consensus, and a loss of $0.68 per share, slightly better than the $0.70 loss expected.
• SERV opened at $2.90, well below its 50-day and 200-day moving averages of $3.82 and $6.83, respectively; its 52-week range is $2.26 to $16.08.

Serve Robotics (NASDAQ:SERV - Get Free Report) was upgraded by stock analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research note issued on Wednesday, Zacks reports.

A number of other brokerages have also recently commented on SERV. Weiss Ratings raised Serve Robotics from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Friday, October 30th. Oppenheimer reiterated an "outperform" rating on shares of Serve Robotics in a research note on Friday, November 6th. Cantor Fitzgerald cut shares of Serve Robotics from an "overweight" rating to a "neutral" rating in a report on Friday, August 7th. Yorkville Ives assumed coverage on shares of Serve Robotics in a research report on Monday, October 5th. They set an "outperform" rating and a $8.00 price objective on the stock. Finally, Freedom Capital upgraded shares of Serve Robotics from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 14th. One 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 assigned a Sell rating to the company. Based on data from MarketBeat, Serve Robotics currently has a consensus rating of "Moderate Buy" and an average target price of $13.37.

Serve Robotics Price Performance

SERV opened at $2.90 on Wednesday. The stock's 50 day simple moving average is $3.82 and its 200 day simple moving average is $6.83. The firm has a market cap of $254.88 million, a price-to-earnings ratio of -1.12 and a beta of 1.91. 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 issued its quarterly earnings data 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 net margin of 2,079.02% and a negative return on equity of 62.35%. The firm had revenue of $2.83 million during the quarter, compared to the consensus estimate of $1.63 million. As a group, sell-side analysts anticipate that Serve Robotics will post -2.90 EPS for the current year.

Insider Activity at Serve Robotics

In other Serve Robotics news, COO Touraj Parang sold 37,993 shares of the company'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 value of $172,868.15. Following the completion of the transaction, the chief operating officer directly owned 1,260,251 shares in the company, valued at $5,734,142.05. This represents a 2.93% decrease in their position. The transaction was disclosed in a document filed with the SEC, 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 stock was sold at an average price of $5.24, for a total transaction of $132,257.60. Following the transaction, the chief financial officer owned 291,831 shares of the company's stock, valued at approximately $1,529,194.44. This represents a 7.96% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 124,220 shares of company stock worth $585,554. 5.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Serve Robotics

Several large investors have recently bought and sold shares of SERV. BlackRock Inc. raised its holdings in Serve Robotics by 24.5% during the 2nd quarter. BlackRock Inc. now owns 6,040,854 shares of the company's stock valued at $39,749,000 after buying an additional 1,190,622 shares during the period. State Street Corp boosted its stake in Serve Robotics by 3.0% during the third quarter. State Street Corp now owns 2,530,526 shares of the company's stock worth $11,767,000 after buying an additional 73,868 shares during the period. Legal & General Group Plc purchased a new position in Serve Robotics during the second quarter worth $8,410,000. Landscape Capital Management L.L.C. purchased a new position in Serve Robotics during the second quarter worth $1,788,000. Finally, Bank of New York Mellon Corp increased its position in Serve Robotics by 29.6% during the second quarter. Bank of New York Mellon Corp now owns 233,084 shares of the company's stock valued at $1,534,000 after acquiring an additional 53,303 shares during the last quarter.

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.

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