Serve Robotics (NASDAQ:SERV) Stock Rating Cut to “Hold” at Freedom Broker

Freedom Broker lowered shares of Serve Robotics (NASDAQ:SERV) from a buy rating to a hold rating in a research note issued to investors on Friday, MarketBeat reports. They currently have $3.50 price target on the stock.

SERV has been the subject of a number of other research reports. Guggenheim lowered their target price on Serve Robotics from $13.00 to $7.00 and set a “buy” rating for the company in a research note on Monday, August 10th. Zacks Research raised Serve Robotics from a “strong sell” rating to a “hold” rating in a research note on Wednesday. Freedom Capital raised Serve Robotics from a “hold” rating to a “strong-buy” rating in a research report on Friday, August 14th. Weiss Ratings raised shares of Serve Robotics from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, October 30th. Finally, Cantor Fitzgerald cut shares of Serve Robotics from an “overweight” rating to a “neutral” rating in a research report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $12.14.

Serve Robotics Stock Down 9.7%

Shares of Serve Robotics stock opened at $2.62 on Friday. The business has a 50 day moving average of $3.78 and a 200 day moving average of $6.78. The company has a market cap of $230.26 million, a PE ratio of -1.01 and a beta of 1.91. Serve Robotics has a 52 week low of $2.26 and a 52 week high of $16.08.

Serve Robotics (NASDAQ:SERV) last announced its earnings results on Thursday, November 5th. The company reported ($0.68) earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $1.63 million. On average, research analysts anticipate that Serve Robotics will post -2.90 earnings per share for the current year.

Insiders Place Their Bets

In other Serve Robotics news, CEO Ali Kashani sold 45,158 shares of the stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $4.56, for a total transaction of $205,920.48. Following the completion of the transaction, the chief executive officer owned 3,232,933 shares in the company, valued at $14,742,174.48. This trade represents a 1.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Brian Read sold 9,700 shares of the stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $4.80, for a total value of $46,560.00. Following the sale, the chief financial officer owned 276,002 shares in the company, valued at $1,324,809.60. The trade was a 3.40% 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 have sold a total of 124,220 shares of company stock valued at $585,554 in the last quarter. 5.00% of the stock is currently owned by insiders.

Institutional Trading of Serve Robotics

Several institutional investors have recently bought and sold shares of SERV. State Street Corp grew its holdings in Serve Robotics by 90.7% during the 2nd quarter. State Street Corp now owns 2,456,658 shares of the company’s stock worth $16,165,000 after acquiring an additional 1,168,714 shares in the last quarter. BlackRock Inc. increased its holdings in shares of Serve Robotics by 24.5% in the 2nd quarter. BlackRock Inc. now owns 6,040,854 shares of the company’s stock valued at $39,749,000 after purchasing an additional 1,190,622 shares in the last quarter. Landscape Capital Management L.L.C. purchased a new position in Serve Robotics during the 2nd quarter valued at about $1,788,000. Legal & General Group Plc purchased a new position in shares of Serve Robotics during the second quarter valued at approximately $8,410,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Serve Robotics during the second quarter worth about $859,000.

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.