BlackRock Inc. Acquires 1,190,622 Shares of Serve Robotics Inc. $SERV

Key Points

• BlackRock increased its Serve Robotics stake by 24.5% in the second quarter, acquiring 1,190,622 shares and bringing its total ownership to 6,040,854 shares, or about 7.81% of the company.
• Analyst sentiment remains mixed but leans positive: Serve Robotics has a “Moderate Buy” consensus rating and an average price target of $14.77, despite recent target-price cuts and a downgrade to “Neutral.”
• Serve Robotics reported a quarterly loss of $0.80 per share, missing estimates, while revenue of $3.24 million also fell short of expectations. Shares opened at $4.69, near their one-year low of $4.32.

BlackRock Inc. raised its holdings in Serve Robotics Inc. (NASDAQ:SERV - Free Report) by 24.5% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 6,040,854 shares of the company's stock after buying an additional 1,190,622 shares during the quarter. BlackRock Inc. owned about 7.81% of Serve Robotics worth $39,749,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Quadrant Capital Group LLC bought a new position in Serve Robotics in the 4th quarter worth $31,000. Gordian Capital Singapore Pte Ltd bought a new stake in shares of Serve Robotics during the fourth quarter valued at approximately $31,000. EverSource Wealth Advisors LLC grew its stake in Serve Robotics by 299.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 3,192 shares of the company's stock worth $33,000 after purchasing an additional 2,392 shares during the period. CWM LLC raised its holdings in Serve Robotics by 514.1% in the fourth quarter. CWM LLC now owns 3,439 shares of the company's stock worth $36,000 after purchasing an additional 2,879 shares in the last quarter. Finally, Harbour Investments Inc. raised its holdings in Serve Robotics by 149.3% in the fourth quarter. Harbour Investments Inc. now owns 3,740 shares of the company's stock worth $39,000 after purchasing an additional 2,240 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on SERV. LADENBURG THALM/SH SH boosted their target price on shares of Serve Robotics from $15.00 to $16.60 and gave the company a "buy" rating in a report on Wednesday, May 13th. Cantor Fitzgerald lowered shares of Serve Robotics from an "overweight" rating to a "neutral" rating in a research note on Friday, August 7th. Freedom Capital upgraded Serve Robotics from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 14th. Guggenheim decreased 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. Finally, Weiss Ratings raised Serve Robotics from a "sell (e+)" rating to a "sell (d-)" rating in a report on Tuesday, July 21st. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $14.77.

Insider Buying and Selling

In related news, CFO Brian Read sold 25,240 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the chief financial officer directly owned 291,831 shares in the company, valued at approximately $1,529,194.44. The trade was a 7.96% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 transaction of $172,868.15. Following the completion of the sale, the chief operating officer directly owned 1,260,251 shares of the company's stock, valued at $5,734,142.05. This represents a 2.93% 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. In the last quarter, insiders have sold 156,420 shares of company stock valued at $818,258. Insiders own 5.00% of the company's stock.

Serve Robotics Stock Performance

Shares of Serve Robotics stock opened at $4.69 on Wednesday. The stock has a market cap of $406.67 million, a P/E ratio of -1.91 and a beta of 1.26. The stock's fifty day moving average is $5.35 and its 200 day moving average is $7.61. Serve Robotics Inc. has a one year low of $4.32 and a one year high of $18.64.

Serve Robotics (NASDAQ:SERV - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.80) earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $3.24 million for the quarter, compared to the consensus estimate of $3.51 million. Analysts predict that Serve Robotics Inc. will post -2.71 EPS for the current year.

Serve Robotics Company Profile

Serve Robotics develops and operates autonomous sidewalk delivery robots designed to transform last-mile logistics for restaurants, retailers and grocery brands. By combining proprietary hardware, sensor suites and dispatch software, the company enables on-demand deliveries of food, beverages and consumer goods while minimizing reliance on traditional vehicle fleets.

The core Serve robot integrates four-wheeled mobility, LiDAR and vision cameras with AI-driven navigation algorithms to detect obstacles, traverse urban sidewalks and interact safely with pedestrians.

Want to see what other hedge funds are holding SERV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Serve Robotics Inc. (NASDAQ:SERV - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source