Evan Dunn Sells 5,000 Shares of Serve Robotics (NASDAQ:SERV) Stock

Key Points

• Evan Dunn, General Counsel of Serve Robotics, sold 5,000 shares of the company at an average price of $10.01, reducing his ownership by 2.12% and leaving him with 230,767 shares valued at approximately $2.31 million.
• In its most recent quarterly earnings, Serve Robotics reported a net loss of ($0.36) earnings per share, missing estimates and reflecting a negative return on equity of 36.47%.
• After the transaction, analysts' ratings for Serve Robotics include one "Strong Buy," three "Buy," and one "Hold," with an average target price of $18.67.

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) General Counsel Evan Dunn sold 5,000 shares of the stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $10.01, for a total transaction of $50,050.00. Following the sale, the general counsel directly owned 230,767 shares in the company, valued at approximately $2,309,977.67. The trade was a 2.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

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

• 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 transaction of $21,520.20.

Serve Robotics Stock Performance

Shares of SERV traded up $0.13 during mid-day trading on Monday, hitting $9.84. 3,379,687 shares of the company were exchanged, compared to its average volume of 7,037,614. Serve Robotics Inc. has a 1-year low of $4.66 and a 1-year high of $24.35. The company has a 50 day moving average of $10.67 and a 200-day moving average of $9.63. The stock has a market cap of $589.24 million, a price-to-earnings ratio of -8.56 and a beta of -0.11.

Serve Robotics (NASDAQ:SERV - Get Free Report) last released its quarterly 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). The company had revenue of $0.64 million for the quarter, compared to analyst estimates of $0.63 million. Serve Robotics had a negative return on equity of 36.47% and a negative net margin of 3,726.00%. Research analysts anticipate that Serve Robotics Inc. will post -0.98 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Serve Robotics

A number of institutional investors and hedge funds have recently modified their holdings of SERV. Allworth Financial LP grew its stake in shares of Serve Robotics by 316.7% during the second quarter. Allworth Financial LP now owns 3,900 shares of the company's stock worth $45,000 after purchasing an additional 2,964 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Serve Robotics in the first quarter valued at $49,000. KLP Kapitalforvaltning AS purchased a new stake in Serve Robotics in the first quarter valued at $49,000. Ameritas Investment Partners Inc. purchased a new stake in Serve Robotics in the second quarter valued at $55,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Serve Robotics by 13.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 12,728 shares of the company's stock valued at $73,000 after buying an additional 1,545 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Seaport Res Ptn downgraded shares of Serve Robotics from a "strong-buy" rating to a "hold" rating in a report on Monday, August 11th. Cantor Fitzgerald assumed coverage on shares of Serve Robotics in a report on Thursday, May 22nd. They issued an "overweight" rating for the company. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $18.67.

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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