Serve Robotics Inc. (NASDAQ:SERV) CFO Sells $36,450.00 in Stock

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) CFO Brian Read sold 3,000 shares of the business's stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $12.15, for a total value of $36,450.00. Following the sale, the chief financial officer now directly owns 221,000 shares in the company, valued at $2,685,150. This trade represents a 1.34% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

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

• On Thursday, May 22nd, Brian Read sold 1,000 shares of Serve Robotics stock. The shares were sold at an average price of $11.52, for a total value of $11,520.00.
• On Tuesday, May 13th, Brian Read sold 8,900 shares of Serve Robotics stock. The stock was sold at an average price of $8.95, for a total value of $79,655.00.
• 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 transaction of $56,210.00.
• On Friday, May 2nd, Brian Read sold 29,100 shares of Serve Robotics stock. The stock was sold at an average price of $7.06, for a total transaction of $205,446.00.

Serve Robotics Trading Down 5.7%

Shares of NASDAQ SERV traded down $0.70 during midday trading on Friday, reaching $11.51. 5,818,042 shares of the stock were exchanged, compared to its average volume of 9,888,110. The stock has a 50 day moving average price of $7.30 and a 200-day moving average price of $10.96. The company has a market capitalization of $656.15 million and a P/E ratio of -10.86. Serve Robotics Inc. has a 52-week low of $1.82 and a 52-week high of $24.35.

Institutional Trading of Serve Robotics

Hedge funds have recently bought and sold shares of the company. Goldman Sachs Group Inc. lifted its stake in shares of Serve Robotics by 280.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 297,138 shares of the company's stock worth $1,709,000 after purchasing an additional 219,018 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Serve Robotics by 616.9% during the first 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 period. Bosun Asset Management LLC acquired a new stake in Serve Robotics in the 1st quarter worth about $129,000. Cubist Systematic Strategies LLC acquired a new stake in Serve Robotics in the 1st quarter worth about $2,064,000. Finally, PEAK6 LLC grew its holdings in Serve Robotics by 377.7% in the 1st quarter. PEAK6 LLC now owns 15,314 shares of the company's stock valued at $88,000 after buying an additional 20,829 shares during the period.

Analyst Upgrades and Downgrades

Several analysts have recently commented on SERV shares. Cantor Fitzgerald assumed coverage on shares of Serve Robotics in a research report on Thursday, May 22nd. They issued an "overweight" rating on the stock. Northland Securities set a $23.00 target price on Serve Robotics in a report on Tuesday, February 18th. Three equities research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Strong Buy" and an average target price of $18.67.

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.