Brian Read Sells 2,592 Shares of Serve Robotics Inc. (NASDAQ:SERV) Stock

Key Points

• Brian Read, CFO of Serve Robotics Inc., sold 2,592 shares of the company at an average price of $10.64, totaling approximately $27,578.88, reducing his ownership to 393,674 shares.
• Serve Robotics' stock has seen a drop to $10.44 within mid-day trading, while the company holds a market cap of $595.18 million and a negative PE ratio.
• Wall Street analysts show optimism with a consensus "Buy" rating for Serve Robotics and an average target price of $18.67, indicating expected growth for the company.

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) CFO Brian Read sold 2,592 shares of the company's stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $10.64, for a total value of $27,578.88. Following the sale, the chief financial officer directly owned 393,674 shares of the company's stock, valued at approximately $4,188,691.36. This represents a 0.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Brian Read also recently made the following trade(s):

• On Wednesday, July 30th, Brian Read sold 1,212 shares of Serve Robotics stock. The shares were sold at an average price of $10.46, for a total value of $12,677.52.
• On Tuesday, July 1st, Brian Read sold 1,291 shares of Serve Robotics stock. The shares were sold at an average price of $10.83, for a total value of $13,981.53.
• On Monday, June 9th, Brian Read sold 2,000 shares of Serve Robotics stock. The stock was sold at an average price of $12.59, for a total value of $25,180.00.
• On Friday, May 30th, Brian Read sold 1,295 shares of Serve Robotics stock. The shares were sold at an average price of $11.56, for a total value of $14,970.20.
• On Tuesday, May 27th, Brian Read sold 3,000 shares of Serve Robotics stock. The shares were sold at an average price of $12.15, for a total value of $36,450.00.
• On Thursday, May 22nd, Brian Read sold 1,000 shares of Serve Robotics stock. The shares were sold at an average price of $11.52, for a total value of $11,520.00.
• On Tuesday, May 13th, Brian Read sold 8,900 shares of Serve Robotics stock. The stock was sold at an average price of $8.95, for a total value of $79,655.00.
• On Friday, May 9th, Brian Read sold 7,000 shares of Serve Robotics stock. The stock was sold at an average price of $8.03, for a total value of $56,210.00.

Serve Robotics Price Performance

Serve Robotics stock traded down $0.30 during mid-day trading on Wednesday, reaching $10.44. 3,381,547 shares of the company were exchanged, compared to its average volume of 5,242,447. The company has a fifty day simple moving average of $11.18 and a 200-day simple moving average of $10.33. Serve Robotics Inc. has a 12 month low of $4.66 and a 12 month high of $24.35. The firm has a market cap of $595.18 million, a PE ratio of -9.85 and a beta of -0.11.

Wall Street Analysts Forecast Growth

Separately, Cantor Fitzgerald started coverage on Serve Robotics in a research note on Thursday, May 22nd. They issued an "overweight" rating for the company. Three equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, Serve Robotics has a consensus rating of "Buy" and an average target price of $18.67.

Institutional Investors Weigh In On Serve Robotics

Hedge funds have recently modified their holdings of the company. CIBC Private Wealth Group LLC acquired a new stake in shares of Serve Robotics during the 4th quarter valued at $34,000. Mirae Asset Global Investments Co. Ltd. bought a new position in Serve Robotics during the 1st quarter worth $49,000. KLP Kapitalforvaltning AS bought a new position in Serve Robotics during the 1st quarter worth $49,000. Wells Fargo & Company MN raised its position in Serve Robotics by 294.0% during the 4th quarter. Wells Fargo & Company MN now owns 10,855 shares of the company's stock worth $147,000 after purchasing an additional 8,100 shares during the last quarter. Finally, CreativeOne Wealth LLC bought a new position in Serve Robotics during the 4th quarter worth $156,000.

About Serve Robotics

Serve Robotics Inc designs, develops, and operates low-emission robots that serve people in public spaces with food delivery in the United States. It builds self-driving delivery robots. The company was formerly known as Patricia Acquisition Corp. and changed its name to Serve Robotics Inc in July 2023.

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