Serve Robotics (NASDAQ:SERV) CFO Sells $14,332.50 in Stock

Key Points

• Serve Robotics CFO Brian Read sold 1,225 shares at an average price of $11.70, totaling $14,332.50, reducing his ownership in the company by 0.34%.
• The company's stock is currently valued at $11.63, down 0.8%, with a market cap of $696.43 million and a 52-week high of $24.35.
• Consensus ratings for Serve Robotics show a majority of analysts with a "Buy" rating and a price target of $17.75 following recent coverage updates.

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) CFO Brian Read sold 1,225 shares of the stock in a transaction dated Tuesday, September 30th. The shares were sold at an average price of $11.70, for a total transaction of $14,332.50. Following the completion of the transaction, the chief financial officer directly owned 355,273 shares in the company, valued at approximately $4,156,694.10. This represents a 0.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

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

• On Thursday, September 18th, Brian Read sold 3,941 shares of Serve Robotics stock. The stock was sold at an average price of $12.70, for a total transaction of $50,050.70.
• On Thursday, September 11th, Brian Read sold 4,319 shares of Serve Robotics stock. The stock was sold at an average price of $11.54, for a total transaction of $49,841.26.
• On Monday, September 8th, Brian Read sold 7,175 shares of Serve Robotics stock. The stock was sold at an average price of $10.44, for a total transaction of $74,907.00.
• On Monday, August 25th, Brian Read sold 10,216 shares of Serve Robotics stock. The stock was sold at an average price of $9.82, for a total transaction of $100,321.12.
• On Tuesday, August 5th, Brian Read sold 2,592 shares of Serve Robotics stock. The stock was 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 stock was sold at an average price of $10.46, for a total transaction of $12,677.52.

Serve Robotics Stock Down 0.8%

Shares of SERV traded down $0.09 during mid-day trading on Tuesday, hitting $11.63. 6,894,880 shares of the company's stock were exchanged, compared to its average volume of 7,493,386. Serve Robotics Inc. has a 52 week low of $4.66 and a 52 week high of $24.35. The stock's 50-day simple moving average is $10.97 and its 200-day simple moving average is $9.60. The firm has a market cap of $696.43 million, a price-to-earnings ratio of -10.11 and a beta of -0.16.

Serve Robotics (NASDAQ:SERV - Get Free Report) last announced its earnings results 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 return on equity of 36.47% and a negative net margin of 3,726.00%.The business had revenue of $0.64 million for the quarter, compared to the consensus estimate of $0.63 million. Analysts forecast that Serve Robotics Inc. will post -0.98 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently issued reports on SERV shares. Wedbush started coverage on shares of Serve Robotics in a research note on Wednesday, August 27th. They issued an "outperform" rating and a $15.00 price objective 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 raised shares of Serve Robotics to a "moderate buy" rating in a research note on Tuesday, August 26th. 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. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $17.75.

Institutional Trading of Serve Robotics

Hedge funds have recently added to or reduced their stakes in the stock. Allworth Financial LP boosted its position in Serve Robotics by 316.7% in the second quarter. Allworth Financial LP now owns 3,900 shares of the company's stock valued at $45,000 after buying an additional 2,964 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Serve Robotics in the first quarter valued at approximately $49,000. KLP Kapitalforvaltning AS acquired a new stake in Serve Robotics in the first quarter valued at approximately $49,000. Ameritas Investment Partners Inc. acquired a new position in shares of Serve Robotics during the second quarter worth $55,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings 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 worth $73,000 after purchasing an additional 1,545 shares during the period.

Serve Robotics Company Profile

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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