Serve Robotics (NASDAQ:SERV) Given New $13.60 Price Target at LADENBURG THALM/SH SH

Serve Robotics (NASDAQ:SERV) had its price objective trimmed by LADENBURG THALM/SH SH from $15.00 to $13.60 in a research report report published on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Other equities analysts have also recently issued reports about the stock. Oppenheimer restated an “outperform” rating on shares of Serve Robotics in a research report on Friday. Freedom Capital upgraded shares of Serve Robotics from a “hold” rating to a “strong-buy” rating in a report on Friday, August 14th. Yorkville Ives began coverage on shares of Serve Robotics in a research note on Monday, October 5th. They issued an “outperform” rating and a $8.00 price objective on the stock. Guggenheim reduced their price objective on shares of Serve Robotics from $13.00 to $7.00 and set a “buy” rating on the stock in a research note on Monday, August 10th. Finally, Zacks Research downgraded Serve Robotics from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 13th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $13.37.

Serve Robotics Stock Performance

Shares of SERV stock opened at $3.22 on Friday. The business’s 50-day moving average price is $3.96 and its 200-day moving average price is $7.02. Serve Robotics has a 12 month low of $2.26 and a 12 month high of $16.08. The firm has a market capitalization of $279.21 million, a price-to-earnings ratio of -1.24 and a beta of 1.92.

Serve Robotics (NASDAQ:SERV) last released its quarterly earnings results on Thursday, November 5th. The company reported ($0.68) earnings per share for the quarter, topping the consensus estimate of ($0.70) by $0.02. The company had revenue of $2.83 million for the quarter, compared to analysts’ expectations of $1.63 million. Serve Robotics had a negative return on equity of 62.35% and a negative net margin of 2,079.02%. On average, sell-side analysts predict that Serve Robotics will post -2.87 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Ali Kashani sold 45,158 shares of Serve Robotics stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $4.56, for a total value of $205,920.48. Following the completion of the transaction, the chief executive officer directly owned 3,232,933 shares of the company’s stock, valued at approximately $14,742,174.48. This trade represents a 1.38% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible 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 dated Tuesday, August 18th. The stock was sold at an average price of $4.55, for a total value of $172,868.15. Following the completion of the transaction, the chief operating officer directly owned 1,260,251 shares of the company’s stock, valued at approximately $5,734,142.05. This trade represents a 2.93% decrease in their ownership of the stock. 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. In the last ninety days, insiders sold 124,220 shares of company stock worth $585,554. Company insiders own 5.00% of the company’s stock.

Institutional Trading of Serve Robotics

Several hedge funds have recently modified their holdings of the stock. BlackRock Inc. lifted its position in 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 acquiring an additional 1,190,622 shares in the last quarter. State Street Corp grew its stake in Serve Robotics by 90.7% in the 2nd 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. Legal & General Group Plc purchased a new stake in Serve Robotics during the second quarter worth about $8,410,000. Landscape Capital Management L.L.C. purchased a new stake in shares of Serve Robotics during the 2nd quarter worth approximately $1,788,000. Finally, Bank of New York Mellon Corp raised its stake in shares of 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 buying an additional 53,303 shares during the period.

About Serve Robotics

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.