LADENBURG THALM/SH SH Issues Pessimistic Forecast for Serve Robotics (NASDAQ:SERV) Stock Price

Serve Robotics (NASDAQ:SERV) had its price objective cut by research analysts at LADENBURG THALM/SH SH from $15.00 to $13.60 in a report issued on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. LADENBURG THALM/SH SH‘s price objective would indicate a potential upside of 322.36% from the company’s current price.

Several other analysts also recently issued reports on SERV. Oppenheimer reissued an “outperform” rating on shares of Serve Robotics in a research report on Friday. Zacks Research lowered shares of Serve Robotics from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 13th. Guggenheim reduced their price objective 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. Freedom Capital upgraded shares of Serve Robotics from a “hold” rating to a “strong-buy” rating in a report on Friday, August 14th. Finally, Yorkville Ives began coverage on shares of Serve Robotics in a research report on Monday, October 5th. They set an “outperform” rating and a $8.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $13.37.

Serve Robotics Stock Performance

Shares of NASDAQ:SERV opened at $3.22 on Friday. Serve Robotics has a 52-week low of $2.26 and a 52-week high of $16.08. The business’s 50 day simple moving average is $3.96 and its two-hundred day simple moving average is $7.02. The firm has a market cap of $279.21 million, a P/E ratio of -1.24 and a beta of 1.92.

Serve Robotics (NASDAQ:SERV) last released its quarterly earnings data 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 return on equity of 62.35% and a negative net margin of 2,079.02%. The firm had revenue of $2.83 million during the quarter, compared to the consensus estimate of $1.63 million. On average, equities analysts forecast that Serve Robotics will post -2.87 earnings per share for the current fiscal year.

Insider Activity

In related news, COO Touraj Parang sold 37,993 shares of the company’s stock in a transaction 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 owned 1,260,251 shares in the company, valued at approximately $5,734,142.05. This represents a 2.93% decrease in their ownership of the stock. The sale was disclosed in a 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, 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 value of $205,920.48. Following the completion of the sale, the chief executive officer directly owned 3,232,933 shares of the company’s stock, valued at $14,742,174.48. The trade was a 1.38% 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. Insiders have sold 124,220 shares of company stock worth $585,554 over the last 90 days. 5.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Serve Robotics

Hedge funds have recently bought and sold shares of the company. EverSource Wealth Advisors LLC lifted its position in shares of Serve Robotics by 65.2% during the 1st quarter. EverSource Wealth Advisors LLC now owns 5,274 shares of the company’s stock worth $45,000 after buying an additional 2,082 shares in the last quarter. NFSG Corp boosted its stake in shares of Serve Robotics by 27.6% in the 1st quarter. NFSG Corp now owns 11,570 shares of the company’s stock worth $98,000 after buying an additional 2,500 shares during the last quarter. Sanctuary Advisors LLC grew its holdings in shares of Serve Robotics by 17.3% in the first quarter. Sanctuary Advisors LLC now owns 19,185 shares of the company’s stock valued at $162,000 after acquiring an additional 2,824 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its holdings in shares of Serve Robotics by 75.2% in the second quarter. Caitong International Asset Management Co. Ltd now owns 6,861 shares of the company’s stock valued at $45,000 after acquiring an additional 2,944 shares in the last quarter. Finally, Wealthfront Advisers LLC grew its holdings in shares of Serve Robotics by 28.7% in the first quarter. Wealthfront Advisers LLC now owns 14,791 shares of the company’s stock valued at $125,000 after acquiring an additional 3,302 shares in the last quarter.

Serve Robotics Company Profile

Serve Robotics develops and operates autonomous, electric sidewalk delivery robots designed to transport goods over short distances. Its robots use cameras, sensors, artificial intelligence and remote human assistance to navigate sidewalks, cross streets and interact with customers while delivering items such as restaurant meals, groceries and other local orders.

The company’s services are primarily aimed at on-demand delivery platforms, restaurants and retailers. Serve has deployed its robots for commercial deliveries in the United States, including the Los Angeles area, and has worked with partners such as Uber Eats to support local delivery operations.