Serve Robotics (NASDAQ:SERV) Downgraded by Freedom Broker to Hold

Serve Robotics (NASDAQ:SERV) was downgraded by Freedom Broker from a “buy” rating to a “hold” rating in a research report issued on Friday, Briefing.com reports. They currently have a $3.50 target price on the stock. Freedom Broker‘s price objective indicates a potential upside of 33.33% from the stock’s current price.

A number of other brokerages also recently commented on SERV. Oppenheimer restated an “outperform” rating on shares of Serve Robotics in a research note on Friday, November 6th. Zacks Research raised Serve Robotics from a “strong sell” rating to a “hold” rating in a report on Wednesday. Weiss Ratings upgraded Serve Robotics from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, October 30th. Ladenburg Thalmann & Co. Inc. cut their price target on Serve Robotics from $15.00 to $13.60 and set a “buy” rating on the stock in a report on Friday, November 6th. Finally, Yorkville Ives began coverage on Serve Robotics in a research report on Monday, October 5th. They set an “outperform” rating and a $8.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $12.14.

Serve Robotics Stock Down 9.5%

Shares of NASDAQ:SERV traded down $0.28 on Friday, reaching $2.62. 4,150,093 shares of the company’s stock were exchanged, compared to its average volume of 4,483,841. The business’s 50-day moving average is $3.82 and its two-hundred day moving average is $6.83. Serve Robotics has a fifty-two week low of $2.26 and a fifty-two week high of $16.08. The firm has a market capitalization of $230.71 million, a price-to-earnings ratio of -1.01 and a beta of 1.91.

Serve Robotics (NASDAQ:SERV) last posted its quarterly earnings results 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 business had revenue of $2.83 million during the quarter, compared to analyst estimates of $1.63 million. Analysts predict that Serve Robotics will post -2.90 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Serve Robotics news, CEO Ali Kashani sold 45,158 shares of the firm’s stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $4.56, for a total value of $205,920.48. Following the sale, the chief executive officer owned 3,232,933 shares in the company, valued at approximately $14,742,174.48. This trade represents a 1.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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 Serve Robotics stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $4.55, for a total value of $172,868.15. Following the sale, the chief operating officer directly owned 1,260,251 shares in the company, valued at approximately $5,734,142.05. This trade represents a 2.93% decrease in their position. 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 90 days, insiders sold 124,220 shares of company stock worth $585,554. Insiders own 5.00% of the company’s stock.

Institutional Trading of Serve Robotics

Several hedge funds have recently added to or reduced their stakes in SERV. Legal & General Group Plc acquired a new position in Serve Robotics during the 2nd quarter worth $8,410,000. BlackRock Inc. increased its holdings in shares of Serve Robotics by 24.5% during the second 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 during the period. State Street Corp increased its holdings in shares of Serve Robotics by 90.7% during the second quarter. State Street Corp now owns 2,456,658 shares of the company’s stock valued at $16,165,000 after purchasing an additional 1,168,714 shares during the period. Landscape Capital Management L.L.C. bought a new stake in shares of Serve Robotics during the second quarter valued at about $1,788,000. Finally, Bank of America Corp DE bought a new stake in shares of Serve Robotics during the second quarter valued at about $955,000.

About Serve Robotics

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.