Brian Read Sells 29,100 Shares of Serve Robotics Inc. (NASDAQ:SERV) Stock

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) CFO Brian Read sold 29,100 shares of Serve Robotics stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $7.06, for a total transaction of $205,446.00. Following the sale, the chief financial officer now directly owns 240,900 shares of the company's stock, valued at $1,700,754. This trade represents a 10.78 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Serve Robotics Stock Performance

Shares of SERV stock opened at $6.34 on Tuesday. The stock's 50 day simple moving average is $6.56 and its 200 day simple moving average is $11.02. Serve Robotics Inc. has a twelve month low of $1.77 and a twelve month high of $24.35. The company has a market capitalization of $361.42 million and a price-to-earnings ratio of -5.28.

Institutional Trading of Serve Robotics

A number of institutional investors and hedge funds have recently modified their holdings of the company. Uber Technologies Inc acquired a new position in Serve Robotics during the 4th quarter worth $71,534,000. Raymond James Financial Inc. acquired a new position in shares of Serve Robotics during the fourth quarter worth approximately $1,978,000. Exchange Traded Concepts LLC bought a new position in Serve Robotics during the fourth quarter worth $9,066,000. Geode Capital Management LLC boosted its holdings in Serve Robotics by 36.6% in the 4th quarter. Geode Capital Management LLC now owns 178,780 shares of the company's stock valued at $2,415,000 after purchasing an additional 47,927 shares during the period. Finally, Atomi Financial Group Inc. bought a new position in shares of Serve Robotics during the 4th quarter worth about $209,000.

Wall Street Analyst Weigh In

Separately, Northland Securities set a $23.00 price objective on Serve Robotics in a report on Tuesday, February 18th. Two analysts have rated the stock with a buy rating and three have given a strong buy rating to the company's stock. According to data from MarketBeat, Serve Robotics currently has an average rating of "Strong Buy" and an average price target of $19.50.

Serve Robotics Company Profile

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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