Serve Robotics (NASDAQ:SERV) CEO Sells $1,701,712.55 in Stock

Key Points

• Serve Robotics CEO Ali Kashani sold 164,735 shares of the company’s stock for a total of $1,701,712.55, reducing his ownership by 4.58%.
• Following the sale, Kashani retains 3,434,002 shares valued at around $35.47 million.
• Analysts project a consensus price target of $17.75 for Serve Robotics, with ratings ranging from "moderate buy" to "outperform".

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) CEO Ali Kashani sold 164,735 shares of Serve Robotics stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $10.33, for a total transaction of $1,701,712.55. Following the transaction, the chief executive officer directly owned 3,434,002 shares of the company's stock, valued at $35,473,240.66. This represents a 4.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

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

• On Tuesday, August 5th, Ali Kashani sold 7,467 shares of Serve Robotics stock. The stock was sold at an average price of $10.74, for a total transaction of $80,195.58.

Serve Robotics Stock Up 5.0%

Shares of SERV traded up $0.50 on Monday, hitting $10.50. The company's stock had a trading volume of 6,483,214 shares, compared to its average volume of 6,069,723. Serve Robotics Inc. has a fifty-two week low of $4.66 and a fifty-two week high of $24.35. The company has a 50 day moving average price of $10.60 and a 200 day moving average price of $9.20.

Serve Robotics (NASDAQ:SERV - Get Free Report) last released its quarterly earnings results 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 for the quarter, compared to analyst estimates of $0.63 million. Serve Robotics had a negative net margin of 3,726.00% and a negative return on equity of 36.47%. As a group, sell-side analysts predict that Serve Robotics Inc. will post -0.98 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on SERV shares. Wedbush initiated coverage on shares of Serve Robotics in a research report on Wednesday, August 27th. They set an "outperform" rating and a $15.00 price target on the stock. Cantor Fitzgerald started coverage on shares of Serve Robotics in a research report on Thursday, May 22nd. They set an "overweight" rating on the stock. 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. Finally, Singular Research upgraded shares of Serve Robotics to a "moderate buy" rating in a research report on Tuesday, August 26th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $17.75.

Institutional Trading of Serve Robotics

A number of institutional investors have recently bought and sold shares of SERV. Wells Fargo & Company MN lifted its stake in shares of Serve Robotics by 294.0% in the 4th quarter. Wells Fargo & Company MN now owns 10,855 shares of the company's stock valued at $147,000 after purchasing an additional 8,100 shares during the period. Northern Trust Corp increased its holdings in Serve Robotics by 178.0% in the fourth quarter. Northern Trust Corp now owns 31,633 shares of the company's stock valued at $427,000 after purchasing an additional 20,253 shares during the last quarter. Captrust Financial Advisors acquired a new position in Serve Robotics in the fourth quarter valued at about $3,672,000. Jefferies Financial Group Inc. boosted its holdings in Serve Robotics by 30.3% during the fourth quarter. Jefferies Financial Group Inc. now owns 17,200 shares of the company's stock worth $232,000 after buying an additional 4,000 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Serve Robotics during the fourth quarter worth about $1,279,000.

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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