Insider Selling: Serve Robotics (NASDAQ:SERV) Insider Sells 25,000 Shares of Stock

Key Points

• Euan Abraham, an insider at Serve Robotics, sold a total of 25,000 shares at an average price of $14.99, reducing his ownership by 9.92% to approximately 227,019 shares.
• Following these transactions, Serve Robotics shares have decreased by 1.6%, trading at $13.75 with a market capitalization of about $823.35 million.
• The company recently missed earnings estimates, reporting ($0.36) earnings per share for the quarter, while analysts anticipate -0.98 earnings per share for the current fiscal year.

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) insider Euan Abraham sold 25,000 shares of Serve Robotics stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $14.99, for a total value of $374,750.00. Following the completion of the sale, the insider owned 227,019 shares in the company, valued at approximately $3,403,014.81. This represents a 9.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

Euan Abraham also recently made the following trade(s):

• On Thursday, September 18th, Euan Abraham sold 8,433 shares of Serve Robotics stock. The stock was sold at an average price of $12.38, for a total value of $104,400.54.
• On Monday, September 8th, Euan Abraham sold 12,603 shares of Serve Robotics stock. The stock was sold at an average price of $10.60, for a total value of $133,591.80.
• On Tuesday, August 5th, Euan Abraham sold 2,130 shares of Serve Robotics stock. The shares were sold at an average price of $10.64, for a total transaction of $22,663.20.

Serve Robotics Stock Down 1.6%

SERV traded down $0.23 during midday trading on Monday, hitting $13.75. 9,976,612 shares of the company traded hands, compared to its average volume of 9,550,754. The company's 50-day moving average is $10.88 and its 200 day moving average is $9.42. The firm has a market capitalization of $823.35 million, a PE ratio of -11.96 and a beta of -0.16. Serve Robotics Inc. has a 52 week low of $4.66 and a 52 week high of $24.35.

Serve Robotics (NASDAQ:SERV - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported ($0.36) earnings per share for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.13). The business had revenue of $0.64 million during the quarter, compared to the consensus estimate of $0.63 million. Serve Robotics had a negative return on equity of 36.47% and a negative net margin of 3,726.00%. On average, sell-side analysts predict that Serve Robotics Inc. will post -0.98 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Capital Fund Management S.A. purchased a new stake in Serve Robotics during the first quarter worth about $4,244,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased 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. Geode Capital Management LLC boosted its stake in Serve Robotics by 176.0% during the 2nd quarter. Geode Capital Management LLC now owns 878,668 shares of the company's stock worth $10,054,000 after purchasing an additional 560,361 shares during the period. Cubist Systematic Strategies LLC acquired a new position in Serve Robotics in the 1st quarter valued at about $2,064,000. Finally, Bank of America Corp DE lifted its holdings in shares of Serve Robotics by 157.9% during the second quarter. Bank of America Corp DE now owns 401,557 shares of the company's stock worth $4,594,000 after purchasing an additional 245,858 shares during the period.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Singular Research upgraded Serve Robotics to a "moderate buy" rating in a research note on Tuesday, August 26th. Wedbush assumed coverage on shares of Serve Robotics in a report on Wednesday, August 27th. They issued an "outperform" rating and a $15.00 price target on the stock. Finally, Seaport Res Ptn cut shares of Serve Robotics from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $17.75.

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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