Euan Abraham Sells 12,603 Shares of Serve Robotics (NASDAQ:SERV) Stock

Key Points

• Euan Abraham, an insider at Serve Robotics, sold 12,603 shares of the company's stock for approximately $133,591.80, resulting in a 4.62% decrease in their ownership.
• Serve Robotics reported a quarterly earnings miss with ($0.36) earnings per share, falling short of analysts' estimates, despite a revenue of $0.64 million.
• Several hedge funds have increased their positions in Serve Robotics, with Exchange Traded Concepts LLC raising its stake by 12.9% during the second quarter.

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) insider Euan Abraham sold 12,603 shares of the firm's stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $10.60, for a total value of $133,591.80. Following the transaction, the insider directly owned 260,452 shares in the company, valued at approximately $2,760,791.20. This represents a 4.62% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Euan Abraham also recently made the following trade(s):

• On Tuesday, August 5th, Euan Abraham sold 2,130 shares of Serve Robotics stock. The stock was sold at an average price of $10.64, for a total value of $22,663.20.

Serve Robotics Stock Up 5.0%

NASDAQ SERV traded up $0.50 on Monday, reaching $10.50. 6,483,214 shares of the company's stock traded hands, compared to its average volume of 6,069,723. Serve Robotics Inc. has a 12 month low of $4.66 and a 12 month high of $24.35. The stock has a 50-day simple moving average of $10.60 and a 200 day simple moving average of $9.20.

Serve Robotics (NASDAQ:SERV - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.36) earnings per share for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.13). Serve Robotics had a negative return on equity of 36.47% and a negative net margin of 3,726.00%.The business had revenue of $0.64 million during the quarter, compared to the consensus estimate of $0.63 million. As a group, analysts expect that Serve Robotics Inc. will post -0.98 EPS for the current fiscal year.

Hedge Funds Weigh In On Serve Robotics

Several hedge funds have recently made changes to their positions in SERV. Exchange Traded Concepts LLC raised its holdings in shares of Serve Robotics by 12.9% during the second quarter. Exchange Traded Concepts LLC now owns 996,283 shares of the company's stock valued at $11,397,000 after acquiring an additional 113,761 shares in the last quarter. Geode Capital Management LLC increased its position in Serve Robotics by 176.0% during the 2nd quarter. Geode Capital Management LLC now owns 878,668 shares of the company's stock valued at $10,054,000 after purchasing an additional 560,361 shares during the period. Capital Fund Management S.A. purchased a new position in Serve Robotics during the 1st quarter valued at $4,244,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Serve Robotics by 6.3% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 721,826 shares of the company's stock worth $8,258,000 after purchasing an additional 42,812 shares in the last quarter. Finally, Legal & General Group Plc lifted its position in shares of Serve Robotics by 14.9% in the 2nd quarter. Legal & General Group Plc now owns 693,929 shares of the company's stock worth $7,261,000 after purchasing an additional 89,809 shares during the period.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on SERV. Singular Research upgraded shares of Serve Robotics to a "moderate buy" rating in a research report on Tuesday, August 26th. Wedbush initiated coverage on Serve Robotics in a research note on Wednesday, August 27th. They issued an "outperform" rating and a $15.00 target price for the company. Seaport Res Ptn lowered Serve Robotics from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 11th. Finally, Cantor Fitzgerald initiated coverage on Serve Robotics in a research note on Thursday, May 22nd. They issued an "overweight" rating on the stock. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $17.75.

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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