Serve Robotics Inc. $SERV Shares Bought by State Street Corp

Key Points

• Institutional ownership increased: State Street raised its Serve Robotics stake by 90.7% to 2.46 million shares, while BlackRock increased its holdings by 24.5% to 6.04 million shares. Several other institutions also initiated or expanded positions.
• Insiders sold shares: Serve Robotics’ CFO and COO sold shares primarily to cover tax-withholding obligations, contributing to 124,220 insider shares sold worth $585,554 over the past 90 days.
• Financial and analyst concerns remain: The company missed quarterly EPS and revenue estimates, while shares traded near their 12-month low at $4.45. Analysts’ consensus rating is “Moderate Buy,” with a $14.77 target price, though several firms recently cut targets or downgraded the stock.

State Street Corp boosted its position in Serve Robotics Inc. (NASDAQ:SERV - Free Report) by 90.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,456,658 shares of the company's stock after acquiring an additional 1,168,714 shares during the quarter. State Street Corp owned 2.83% of Serve Robotics worth $16,165,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in SERV. BlackRock Inc. raised its holdings in shares of 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 in the last quarter. Legal & General Group Plc bought a new position in Serve Robotics in the 2nd quarter valued at approximately $8,410,000. Grange Capital LLC acquired a new stake in shares of Serve Robotics during the 1st quarter valued at $2,426,000. Landscape Capital Management L.L.C. bought a new stake in Serve Robotics during the 2nd quarter worth $1,788,000. Finally, Bank of New York Mellon Corp raised its position in Serve Robotics by 29.6% in 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 purchasing an additional 53,303 shares during the last quarter.

Insider Buying and Selling at Serve Robotics

In other Serve Robotics news, CFO Brian Read sold 25,240 shares of the company'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 transaction, the chief financial officer owned 291,831 shares in the company, valued at approximately $1,529,194.44. This represents a 7.96% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 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 transaction of $172,868.15. Following the completion of the transaction, the chief operating officer owned 1,260,251 shares in the company, valued at approximately $5,734,142.05. This represents a 2.93% decrease in their position. 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 sold 124,220 shares of company stock valued at $585,554 in the last 90 days. Insiders own 5.00% of the company's stock.

Serve Robotics Trading Down 1.3%

Shares of Serve Robotics stock opened at $4.45 on Friday. The company has a market capitalization of $385.86 million, a P/E ratio of -1.82 and a beta of 1.25. The stock has a fifty day simple moving average of $4.83 and a 200 day simple moving average of $6.98. Serve Robotics Inc. has a 12-month low of $4.17 and a 12-month high of $18.64.

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

Analyst Upgrades and Downgrades

SERV has been the topic of a number of recent research reports. Oppenheimer cut their price target on Serve Robotics from $20.00 to $7.00 and set an "outperform" rating on the stock in a research note on Friday, August 7th. Weiss Ratings upgraded shares of Serve Robotics from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Tuesday, July 21st. Cantor Fitzgerald lowered shares of Serve Robotics from an "overweight" rating to a "neutral" rating in a report on Friday, August 7th. Guggenheim decreased their price target on shares of Serve Robotics from $13.00 to $7.00 and set a "buy" rating for the company in a research report on Monday, August 10th. Finally, Freedom Capital upgraded shares of Serve Robotics from a "hold" rating to a "strong-buy" rating in a report on Friday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $14.77.

Serve Robotics 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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