Evan Dunn Sells 20,458 Shares of Serve Robotics (NASDAQ:SERV) Stock

Key Points

• Evan Dunn, General Counsel of Serve Robotics, sold 20,458 shares of the company's stock for approximately $308,711, reducing his ownership by 8.87% and leaving him with 210,309 shares valued at over $3 million.
• Serve Robotics' stock is currently trading down 4.7% at $14.23, with a market capitalization of $852.09 million and a notable negative earnings outlook.
• Recent analyst ratings have varied, with Weiss Ratings giving a "sell" rating while others set target prices up to $17.75, indicating differing expectations for the stock's performance.

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) General Counsel Evan Dunn sold 20,458 shares of Serve Robotics stock in a transaction that occurred on Tuesday, October 7th. The stock was sold at an average price of $15.09, for a total transaction of $308,711.22. Following the completion of the sale, the general counsel directly owned 210,309 shares of the company's stock, valued at $3,173,562.81. The trade was a 8.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Evan Dunn also recently made the following trade(s):

• On Monday, August 25th, Evan Dunn sold 5,000 shares of Serve Robotics stock. The shares were sold at an average price of $10.01, for a total transaction of $50,050.00.
• On Tuesday, August 5th, Evan Dunn sold 2,015 shares of Serve Robotics stock. The stock was sold at an average price of $10.68, for a total value of $21,520.20.

Serve Robotics Trading Down 4.7%

NASDAQ:SERV traded down $0.70 during mid-day trading on Tuesday, hitting $14.23. The company had a trading volume of 14,570,622 shares, compared to its average volume of 7,598,433. The business has a fifty day simple moving average of $11.11 and a 200-day simple moving average of $9.79. The firm has a market capitalization of $852.09 million, a price-to-earnings ratio of -12.37 and a beta of -0.70. Serve Robotics Inc. has a 1 year low of $4.66 and a 1 year high of $24.35.

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

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Weiss Ratings reissued a "sell (d-)" rating on shares of Serve Robotics in a report on Saturday, September 27th. Wedbush assumed coverage on Serve Robotics in a report on Wednesday, August 27th. They set an "outperform" rating and a $15.00 target price on the stock. Singular Research upgraded Serve Robotics to a "moderate buy" rating in a report on Tuesday, August 26th. Finally, Seaport Res Ptn cut Serve Robotics from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 11th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Serve Robotics presently has an average rating of "Moderate Buy" and an average target price of $17.75.

Institutional Trading of Serve Robotics

Several hedge funds have recently added to or reduced their stakes in the business. Exchange Traded Concepts LLC lifted its holdings in Serve Robotics by 31.4% in the first quarter. Exchange Traded Concepts LLC now owns 882,522 shares of the company's stock worth $5,075,000 after purchasing an additional 210,977 shares during the period. PFG Investments LLC boosted its holdings in shares of Serve Robotics by 12.3% in the first quarter. PFG Investments LLC now owns 36,498 shares of the company's stock valued at $210,000 after acquiring an additional 4,000 shares in the last quarter. Cambridge Investment Research Advisors Inc. increased its stake in shares of Serve Robotics by 82.4% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 18,966 shares of the company's stock valued at $109,000 after acquiring an additional 8,566 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new stake in Serve Robotics during the first quarter worth approximately $49,000. Finally, KLP Kapitalforvaltning AS acquired a new stake in Serve Robotics in the first quarter worth approximately $49,000.

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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