Serve Robotics Inc. (NASDAQ:SERV) Given Average Rating of "Moderate Buy" by Brokerages

Key Points

• Analysts rate Serve Robotics “Moderate Buy” overall: Five analysts recommend buying the stock, one strongly recommends it, while one rates it a hold and one a sell. The average 12-month price target is $14.77.
• Recent analysts have sharply reduced price targets, with Oppenheimer and Guggenheim both lowering theirs to $7; Cantor Fitzgerald also downgraded the stock to neutral.
• Serve Robotics continues to face significant financial pressure: The company missed quarterly EPS and revenue estimates, reported a $0.80 per-share loss, and trades near its 52-week low at $4.41. Insiders have also sold 124,220 shares over the past three months, though some major institutional investors increased or initiated positions.

Shares of Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) have earned an average recommendation of "Moderate Buy" from the eight analysts that are currently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, five have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $14.7667.

Several equities analysts recently issued reports on the stock. Freedom Capital upgraded shares of Serve Robotics from a "hold" rating to a "strong-buy" rating in a report on Friday, August 14th. Weiss Ratings upgraded Serve Robotics from a "sell (e+)" rating to a "sell (d-)" rating in a report on Tuesday, July 21st. Oppenheimer lowered their price objective on Serve Robotics from $20.00 to $7.00 and set an "outperform" rating for the company in a research report on Friday, August 7th. Guggenheim dropped their price objective on Serve Robotics from $13.00 to $7.00 and set a "buy" rating on the stock in a research note on Monday, August 10th. Finally, Cantor Fitzgerald lowered Serve Robotics from an "overweight" rating to a "neutral" rating in a research report on Friday, August 7th.

Insider Buying and Selling at Serve Robotics

In other Serve Robotics news, 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 transaction, the chief executive officer directly owned 3,232,933 shares of the company's stock, valued at approximately $14,742,174.48. The trade was a 1.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Touraj Parang sold 37,993 shares of the 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 transaction, 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 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. Over the last three months, insiders have sold 124,220 shares of company stock valued at $585,554. 5.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Serve Robotics

A number of large investors have recently bought and sold shares of SERV. Jupiter Asset Management Ltd. bought a new position in shares of Serve Robotics during the 4th quarter worth about $1,427,000. Grange Capital LLC bought a new stake in Serve Robotics in the 1st quarter valued at about $2,426,000. BlackRock Inc. raised its stake in Serve Robotics by 24.5% during the 2nd quarter. BlackRock Inc. now owns 6,040,854 shares of the company's stock worth $39,749,000 after buying an additional 1,190,622 shares during the period. Landscape Capital Management L.L.C. acquired a new position in Serve Robotics during the 2nd quarter worth approximately $1,788,000. Finally, Legal & General Group Plc bought a new position in Serve Robotics in the second quarter worth approximately $8,410,000.

Serve Robotics Stock Performance

Serve Robotics stock opened at $4.41 on Friday. Serve Robotics has a 52-week low of $4.17 and a 52-week high of $18.64. The firm has a 50 day moving average price of $4.94 and a two-hundred day moving average price of $7.17. The firm has a market cap of $382.39 million, a price-to-earnings ratio of -1.80 and a beta of 1.25.

Serve Robotics (NASDAQ:SERV - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.80) EPS for the quarter, missing analysts' consensus estimates of ($0.69) by ($0.11). Serve Robotics had a negative net margin of 2,315.80% and a negative return on equity of 55.34%. The firm had revenue of $3.24 million during the quarter, compared to the consensus estimate of $3.51 million. As a group, equities research analysts predict that Serve Robotics will post -2.71 EPS for the current fiscal year.

Serve Robotics Company Profile

Serve Robotics develops and operates autonomous sidewalk delivery robots designed to transport food, groceries, and other goods over short distances. Its robots use cameras, sensors, mapping technology, and artificial intelligence to navigate sidewalks, crossings, and other urban environments while allowing customers to receive deliveries through a digital platform.

The company's delivery service is intended for restaurants, retailers, and delivery platforms seeking an alternative to traditional courier services.

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