Serve Robotics (NASDAQ:SERV) CFO Brian Read Sells 7,175 Shares

Key Points

• Serve Robotics CFO Brian Read sold 7,175 shares of the company's stock at an average price of $10.44, resulting in a total transaction value of $74,907.
• Following the sale, Brian Read owns 364,758 shares of Serve Robotics, valued at approximately $3.8 million, after a 1.93% decrease in his position.
• Serve Robotics reported a quarterly loss of ($0.36) earnings per share, missing the consensus estimate, and is forecasted to post (-0.98) earnings per share for the current year.

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) CFO Brian Read sold 7,175 shares of the company's stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $10.44, for a total value of $74,907.00. Following the completion of the transaction, the chief financial officer directly owned 364,758 shares of the company's stock, valued at approximately $3,808,073.52. The trade was a 1.93% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

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

• On Monday, August 25th, Brian Read sold 10,216 shares of Serve Robotics stock. The shares were sold at an average price of $9.82, for a total value of $100,321.12.
• On Tuesday, August 5th, Brian Read sold 2,592 shares of Serve Robotics stock. The shares were sold at an average price of $10.64, for a total transaction of $27,578.88.
• On Wednesday, July 30th, Brian Read sold 1,212 shares of Serve Robotics stock. The shares were sold at an average price of $10.46, for a total value of $12,677.52.
• On Tuesday, July 1st, Brian Read sold 1,291 shares of Serve Robotics stock. The stock was sold at an average price of $10.83, for a total transaction of $13,981.53.

Serve Robotics Stock Performance

SERV stock traded up $0.50 during midday trading on Monday, hitting $10.50. The company had a trading volume of 6,483,214 shares, compared to its average volume of 6,069,723. Serve Robotics Inc. has a 52 week low of $4.66 and a 52 week high of $24.35. The stock's 50 day moving average price is $10.60 and its 200 day moving average price is $9.20.

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

Institutional Trading of Serve Robotics

Institutional investors and hedge funds have recently made changes to their positions in the company. Wells Fargo & Company MN raised its position in Serve Robotics by 294.0% in the fourth 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 lifted its holdings in shares of Serve Robotics by 178.0% in the 4th quarter. Northern Trust Corp now owns 31,633 shares of the company's stock worth $427,000 after purchasing an additional 20,253 shares during the last quarter. Captrust Financial Advisors bought a new stake in Serve Robotics in the fourth quarter valued at $3,672,000. Jefferies Financial Group Inc. increased its holdings in shares of Serve Robotics by 30.3% in the 4th quarter. Jefferies Financial Group Inc. now owns 17,200 shares of the company's stock worth $232,000 after acquiring an additional 4,000 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Serve Robotics during the 4th quarter worth $1,279,000.

Wall Street Analyst Weigh In

Several research analysts recently commented on SERV shares. Cantor Fitzgerald began coverage on shares of Serve Robotics in a research note on Thursday, May 22nd. They set an "overweight" rating for the company. Wedbush began coverage on shares of Serve Robotics in a research note on Wednesday, August 27th. They issued an "outperform" rating and a $15.00 price target on the stock. Singular Research upgraded Serve Robotics to a "moderate buy" rating in a research report on Tuesday, August 26th. Finally, Seaport Res Ptn downgraded Serve Robotics from a "strong-buy" rating to a "hold" rating in a report on Monday, August 11th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, Serve Robotics presently has a consensus rating of "Buy" and a consensus target price 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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