Serve Robotics (NASDAQ:SERV) CFO Brian Read Sells 1,496 Shares

Key Points

• Serve Robotics CFO Brian Read sold 1,496 shares on June 10 at an average price of $7.24, for proceeds of about $10,831. The company said the sale was made to cover tax withholding tied to vested equity awards.
• Read has made several recent insider sales, including transactions in May and April at prices ranging from $8.62 to $9.29, trimming his ownership slightly while still holding 317,071 shares.
• Serve Robotics remains a volatile, loss-making stock: it recently traded at $7.44, below its 50-day and 200-day moving averages, and its latest quarterly earnings missed EPS estimates despite revenue topping expectations. Analysts currently rate the stock a consensus Moderate Buy with a $17.51 average price target.

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) CFO Brian Read sold 1,496 shares of the business's stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $7.24, for a total transaction of $10,831.04. Following the sale, the chief financial officer directly owned 317,071 shares in the company, valued at $2,295,594.04. This trade represents a 0.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Brian Read also recently made the following trade(s):

• On Thursday, May 7th, Brian Read sold 201 shares of Serve Robotics stock. The shares were sold at an average price of $9.26, for a total transaction of $1,861.26.
• On Wednesday, May 6th, Brian Read sold 2,790 shares of Serve Robotics stock. The shares were sold at an average price of $9.29, for a total transaction of $25,919.10.
• On Friday, May 1st, Brian Read sold 1,179 shares of Serve Robotics stock. The shares were sold at an average price of $9.29, for a total transaction of $10,952.91.
• On Wednesday, April 8th, Brian Read sold 200 shares of Serve Robotics stock. The shares were sold at an average price of $8.62, for a total transaction of $1,724.00.

Serve Robotics Stock Performance

NASDAQ SERV traded up $0.46 on Thursday, reaching $7.44. 5,838,226 shares of the company's stock traded hands, compared to its average volume of 5,089,571. The firm has a market cap of $575.66 million, a price-to-earnings ratio of -3.70 and a beta of 0.53. The stock has a 50 day moving average price of $8.77 and a 200-day moving average price of $10.14. Serve Robotics Inc. has a fifty-two week low of $6.84 and a fifty-two week high of $18.64.

Serve Robotics (NASDAQ:SERV - Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($0.65) earnings per share for the quarter, missing analysts' consensus estimates of ($0.57) by ($0.08). The firm had revenue of $2.98 million during the quarter, compared to analyst estimates of $2.83 million. Serve Robotics had a negative return on equity of 47.31% and a negative net margin of 2,639.98%. As a group, equities research analysts anticipate that Serve Robotics Inc. will post -2.64 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

SERV has been the subject of a number of analyst reports. Cantor Fitzgerald decreased their price objective on shares of Serve Robotics from $17.00 to $16.00 and set an "overweight" rating for the company in a research report on Tuesday, March 17th. Weiss Ratings downgraded shares of Serve Robotics from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Tuesday, June 2nd. Freedom Capital downgraded shares of Serve Robotics from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 13th. LADENBURG THALM/SH SH upped their price objective on shares of Serve Robotics from $15.00 to $16.60 and gave the stock a "buy" rating in a research report on Wednesday, May 13th. Finally, Guggenheim began coverage on shares of Serve Robotics in a research report on Monday, April 20th. They set a "buy" rating and a $13.00 price target for the company. Seven equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $17.51.

Institutional Trading of Serve Robotics

Hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. boosted its position in shares of Serve Robotics by 25.2% during the 3rd quarter. Vanguard Group Inc. now owns 2,594,869 shares of the company's stock valued at $30,178,000 after acquiring an additional 521,945 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Serve Robotics by 29.1% during the 4th quarter. Geode Capital Management LLC now owns 1,457,965 shares of the company's stock valued at $15,137,000 after acquiring an additional 328,405 shares during the last quarter. Exchange Traded Concepts LLC boosted its position in shares of Serve Robotics by 12.5% during the 4th quarter. Exchange Traded Concepts LLC now owns 1,247,559 shares of the company's stock valued at $12,950,000 after acquiring an additional 138,558 shares during the last quarter. State Street Corp boosted its position in shares of Serve Robotics by 29.5% during the 4th quarter. State Street Corp now owns 1,245,411 shares of the company's stock valued at $12,927,000 after acquiring an additional 283,497 shares during the last quarter. Finally, First Trust Advisors LP boosted its position in shares of Serve Robotics by 34.5% during the 4th quarter. First Trust Advisors LP now owns 1,022,459 shares of the company's stock valued at $10,613,000 after acquiring an additional 262,348 shares during the last quarter.

Serve Robotics Company Profile

Serve Robotics develops and operates autonomous sidewalk delivery robots designed to transform last-mile logistics for restaurants, retailers and grocery brands. By combining proprietary hardware, sensor suites and dispatch software, the company enables on-demand deliveries of food, beverages and consumer goods while minimizing reliance on traditional vehicle fleets.

The core Serve robot integrates four-wheeled mobility, LiDAR and vision cameras with AI-driven navigation algorithms to detect obstacles, traverse urban sidewalks and interact safely with pedestrians.

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