Serve Robotics Inc. (NASDAQ:SERV) CFO Sells $205,446.00 in Stock

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

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

• On Friday, May 9th, Brian Read sold 7,000 shares of Serve Robotics stock. The shares were sold at an average price of $8.03, for a total value of $56,210.00.

Serve Robotics Stock Performance

Shares of NASDAQ SERV traded up $0.90 during mid-day trading on Friday, reaching $7.46. The company had a trading volume of 13,362,828 shares, compared to its average volume of 9,513,706. The stock has a market capitalization of $425.27 million and a PE ratio of -6.22. Serve Robotics Inc. has a twelve month low of $1.77 and a twelve month high of $24.35. The stock's 50 day moving average is $6.40 and its 200-day moving average is $10.93.

Serve Robotics (NASDAQ:SERV - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($0.23) EPS for the quarter, missing the consensus estimate of ($0.21) by ($0.02). The business had revenue of $0.44 million during the quarter, compared to the consensus estimate of $0.49 million. Serve Robotics had a negative return on equity of 184.60% and a negative net margin of 1,972.12%. On average, sell-side analysts anticipate that Serve Robotics Inc. will post -0.98 EPS for the current year.

Institutional Investors Weigh In On Serve Robotics

Several institutional investors and hedge funds have recently made changes to their positions in SERV. Blue Trust Inc. bought a new stake in Serve Robotics during the 4th quarter worth about $27,000. CIBC Private Wealth Group LLC acquired a new stake in Serve Robotics during the 4th quarter valued at $34,000. Bogart Wealth LLC bought a new position in Serve Robotics during the 4th quarter worth $37,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Serve Robotics during the 1st quarter valued at $49,000. Finally, KLP Kapitalforvaltning AS acquired a new stake in shares of Serve Robotics in the 1st quarter valued at approximately $49,000.

Wall Street Analysts Forecast Growth

Separately, Northland Securities set a $23.00 price target on Serve Robotics in a report on Tuesday, February 18th. Two investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Strong Buy" and a consensus 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.