Euan Abraham Sells 2,130 Shares of Serve Robotics Inc. (NASDAQ:SERV) Stock

Key Points

• Insider Euan Abraham sold 2,130 shares of Serve Robotics Inc. for approximately $22,663, reducing his ownership by 0.77% to a total of 273,055 shares.
• Serve Robotics stock is currently priced at $10.44, with a market cap of $595.18 million and a P/E ratio of -9.85.
• Cantor Fitzgerald recently initiated coverage on Serve Robotics with an "overweight" rating, and the stock has an average price target of $18.67 from analysts.

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) insider Euan Abraham sold 2,130 shares of the firm's stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $10.64, for a total transaction of $22,663.20. Following the completion of the sale, the insider owned 273,055 shares in the company, valued at $2,905,305.20. This represents a 0.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

Serve Robotics Price Performance

Shares of SERV stock traded down $0.30 during trading hours on Wednesday, reaching $10.44. 3,381,547 shares of the stock were exchanged, compared to its average volume of 5,242,447. The business's fifty day moving average is $11.18 and its two-hundred day moving average is $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 capitalization of $595.18 million, a P/E ratio of -9.85 and a beta of -0.11.

Wall Street Analyst Weigh In

Separately, Cantor Fitzgerald initiated coverage on shares of Serve Robotics in a research report on Thursday, May 22nd. They set an "overweight" rating for the company. Three equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $18.67.

Institutional Investors Weigh In On Serve Robotics

A number of hedge funds and other institutional investors have recently bought and sold shares of SERV. Uber Technologies Inc acquired a new position in shares of Serve Robotics during the 4th quarter worth $71,534,000. Vanguard Group Inc. raised its stake in shares of Serve Robotics by 74.6% during the 4th quarter. Vanguard Group Inc. now owns 1,274,303 shares of the company's stock worth $17,203,000 after buying an additional 544,537 shares during the last quarter. Exchange Traded Concepts LLC raised its stake in shares of Serve Robotics by 12.9% during the 2nd quarter. Exchange Traded Concepts LLC now owns 996,283 shares of the company's stock worth $11,397,000 after buying an additional 113,761 shares during the last quarter. Capital Fund Management S.A. acquired a new position in shares of Serve Robotics during the 1st quarter worth $4,244,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Serve Robotics by 616.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 679,014 shares of the company's stock worth $3,972,000 after buying an additional 584,302 shares during the last quarter.

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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