Serve Robotics (NASDAQ:SERV) CFO Sells 4,319 Shares

Key Points

• Serve Robotics CFO Brian Read sold 4,319 shares at an average price of $11.54, resulting in a transaction worth approximately $49,841.26, which decreased his ownership stake by 1.18%.
• The company reported a quarterly loss of ($0.36) earnings per share, missing analysts' expectations of ($0.23) by ($0.13).
• Recent analyst reports have led to a consensus rating of "Buy" for Serve Robotics, with a target price averaging $17.75.

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) CFO Brian Read sold 4,319 shares of the stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $11.54, for a total value of $49,841.26. Following the transaction, the chief financial officer owned 360,439 shares of the company's stock, valued at $4,159,466.06. The trade was a 1.18% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

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

• On Monday, September 8th, Brian Read sold 7,175 shares of Serve Robotics stock. The shares were 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 shares were 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 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 shares were sold at an average price of $10.83, for a total value of $13,981.53.

Serve Robotics Stock Performance

SERV traded up $0.73 during midday trading on Thursday, hitting $11.40. The stock had a trading volume of 11,169,776 shares, compared to its average volume of 7,115,180. Serve Robotics Inc. has a 1 year low of $4.66 and a 1 year high of $24.35. The business has a fifty day moving average of $10.57 and a 200 day moving average of $9.21. The company has a market cap of $682.63 million, a P/E ratio of -9.91 and a beta of -0.19.

Serve Robotics (NASDAQ:SERV - Get Free Report) last announced 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). 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 during the quarter, compared to the consensus estimate of $0.63 million. On average, equities research analysts anticipate that Serve Robotics Inc. will post -0.98 earnings per share for the current year.

Analyst Ratings Changes

SERV has been the topic of several analyst reports. Seaport Res Ptn downgraded Serve Robotics from a "strong-buy" rating to a "hold" rating in a report on Monday, August 11th. 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 target price on the stock. 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. Finally, Singular Research upgraded Serve Robotics to a "moderate buy" rating in a report on Tuesday, August 26th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $17.75.

Hedge Funds Weigh In On Serve Robotics

A number of hedge funds have recently bought and sold shares of SERV. Allworth Financial LP boosted its holdings in shares of Serve Robotics by 316.7% in the second quarter. Allworth Financial LP now owns 3,900 shares of the company's stock worth $45,000 after buying an additional 2,964 shares during the last quarter. KLP Kapitalforvaltning AS bought a new position in Serve Robotics during the first quarter valued at approximately $49,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in Serve Robotics in the first quarter worth $49,000. Ameritas Investment Partners Inc. purchased a new stake in shares of Serve Robotics during the 2nd quarter valued at about $55,000. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Serve Robotics by 13.8% in the 1st 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.