Insider Selling: Serve Robotics (NASDAQ:SERV) CEO Sells 12,930 Shares of Stock

Key Points

• Serve Robotics CEO, Ali Kashani, sold 12,930 shares at an average price of $15.08, decreasing his ownership by 0.38% to 3,421,072 shares.
• Following the sale, Serve Robotics stock dropped 4.7% to $14.23, with a market capitalization of approximately $852.09 million.
• Analysts maintain a consensus recommendation of "Moderate Buy" for Serve Robotics, with an average price target of $17.75.

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) CEO Ali Kashani sold 12,930 shares of the stock in a transaction on Tuesday, October 7th. The shares were sold at an average price of $15.08, for a total value of $194,984.40. Following the completion of the transaction, the chief executive officer owned 3,421,072 shares of the company's stock, valued at $51,589,765.76. The trade was a 0.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Ali Kashani also recently made the following trade(s):

• On Monday, September 8th, Ali Kashani sold 164,735 shares of Serve Robotics stock. The shares were sold at an average price of $10.33, for a total value of $1,701,712.55.
• On Tuesday, August 5th, Ali Kashani sold 7,467 shares of Serve Robotics stock. The shares were sold at an average price of $10.74, for a total value of $80,195.58.

Serve Robotics Stock Down 4.7%

Serve Robotics stock traded down $0.70 during trading hours on Tuesday, reaching $14.23. 14,570,622 shares of the company's stock were exchanged, compared to its average volume of 7,598,433. The firm's 50 day simple moving average is $11.11 and its 200 day simple moving average is $9.79. Serve Robotics Inc. has a twelve month low of $4.66 and a twelve month high of $24.35. The firm has a market capitalization of $852.09 million, a PE ratio of -12.37 and a beta of -0.70.

Serve Robotics (NASDAQ:SERV - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported ($0.36) EPS 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 firm had revenue of $0.64 million for the quarter, compared to the consensus estimate of $0.63 million. Analysts anticipate that Serve Robotics Inc. will post -0.98 EPS for the current year.

Wall Street Analysts Forecast Growth

SERV has been the topic of a number of research reports. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Serve Robotics in a report on Saturday, September 27th. Singular Research raised shares of Serve Robotics to a "moderate buy" rating in a report on Tuesday, August 26th. Wedbush assumed coverage on shares of Serve Robotics in a report on Wednesday, August 27th. They set an "outperform" rating and a $15.00 target price on the stock. Finally, Seaport Res Ptn cut shares of Serve Robotics from a "strong-buy" rating to a "hold" rating in a report on Monday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $17.75.

Institutional Trading of Serve Robotics

Several hedge funds have recently added to or reduced their stakes in SERV. Allworth Financial LP lifted its stake in Serve Robotics by 316.7% in 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 during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Serve Robotics during the first quarter valued at about $49,000. KLP Kapitalforvaltning AS bought a new position in shares of Serve Robotics during the first quarter valued at about $49,000. Ameritas Investment Partners Inc. bought a new position in shares of Serve Robotics during the second quarter valued at about $55,000. Finally, Charles Schwab Investment Management Inc. raised 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 acquiring an additional 1,545 shares during the last quarter.

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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