Insider Selling: Serve Robotics Inc. (NASDAQ:SERV) COO Sells 5,565 Shares of Stock

Key Points

• Touraj Parang, COO of Serve Robotics Inc. (NASDAQ: SERV), sold 5,565 shares at an average price of $10.64, totaling approximately $59,211.60, which decreased his ownership stake by 0.39%.
• The company's stock is currently trading at $10.44, with a market capitalization of $595.18 million and a twelve-month price range between $4.66 and $24.35.
• Analysts have a consensus rating of "Buy" for Serve Robotics, with an average price target set at $18.67, indicating potential growth from current levels.

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) COO Touraj Parang sold 5,565 shares of the business's stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $10.64, for a total transaction of $59,211.60. Following the sale, the chief operating officer owned 1,419,106 shares of the company's stock, valued at approximately $15,099,287.84. This represents a 0.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Serve Robotics Stock Performance

SERV traded down $0.30 during trading on Wednesday, hitting $10.44. The stock had a trading volume of 3,381,547 shares, compared to its average volume of 5,242,447. The company has a market capitalization of $595.18 million, a PE ratio of -9.85 and a beta of -0.11. Serve Robotics Inc. has a twelve month low of $4.66 and a twelve month high of $24.35. The stock has a 50 day simple moving average of $11.18 and a two-hundred day simple moving average of $10.33.

Institutional Investors Weigh In On Serve Robotics

Several institutional investors have recently bought and sold shares of SERV. CIBC Private Wealth Group LLC acquired a new stake in Serve Robotics in the fourth quarter valued at approximately $34,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Serve Robotics during the first quarter worth $49,000. KLP Kapitalforvaltning AS acquired a new stake in shares of Serve Robotics during the first quarter worth $49,000. Charles Schwab Investment Management Inc. lifted its stake in shares of Serve Robotics by 13.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 12,728 shares of the company's stock worth $73,000 after buying an additional 1,545 shares during the period. Finally, Arkadios Wealth Advisors acquired a new stake in shares of Serve Robotics during the first quarter worth $74,000.

Wall Street Analyst Weigh In

Separately, Cantor Fitzgerald started coverage on shares of Serve Robotics in a research note on Thursday, May 22nd. They set an "overweight" rating for the company. Three research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus price target 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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