Insider Selling: Serve Robotics Inc. (NASDAQ:SERV) Insider Sells 2,915 Shares of Stock

Key Points

• Insider Sale: Anthony Armenta, an insider at Serve Robotics Inc., sold 2,915 shares at an average price of $10.68, totaling $31,132.20, reducing his ownership by 0.47% to 612,664 shares valued at approximately $6.54 million.
• Stock Decline: Serve Robotics' stock traded down 2.8% to $10.44 following the sale, with a 50-day moving average price of $11.18 and a market cap of $595.18 million.
• Analysts' Ratings: Cantor Fitzgerald has initiated coverage with an "overweight" rating, contributing to an average "Buy" rating among analysts and a consensus target price of $18.67.

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) insider Anthony Armenta sold 2,915 shares of the stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $10.68, for a total value of $31,132.20. Following the completion of the sale, the insider directly owned 612,664 shares of the company's stock, valued at approximately $6,543,251.52. This represents a 0.47% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Serve Robotics Stock Down 2.8%

SERV stock traded down $0.30 during midday trading on Wednesday, reaching $10.44. The company had a trading volume of 3,381,547 shares, compared to its average volume of 5,242,447. The stock has a 50 day moving average price of $11.18 and a 200 day moving average price of $10.33. The firm 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 fifty-two week low of $4.66 and a fifty-two week high of $24.35.

Institutional Investors Weigh In On Serve Robotics

A number of large investors have recently bought and sold shares of SERV. CIBC Private Wealth Group LLC acquired a new stake in shares of Serve Robotics during the fourth quarter worth approximately $34,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Serve Robotics during the first quarter worth approximately $49,000. KLP Kapitalforvaltning AS acquired a new stake in shares of Serve Robotics during the first quarter worth approximately $49,000. Charles Schwab Investment Management Inc. grew 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 valued at $73,000 after purchasing an additional 1,545 shares during the last quarter. Finally, Arkadios Wealth Advisors bought a new stake in shares of Serve Robotics during the first quarter valued at approximately $74,000.

Analysts Set New Price Targets

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

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