Serve Robotics (NASDAQ:SERV) COO Touraj Parang Sells 4,825 Shares

Key Points

• Touraj Parang, COO of Serve Robotics, sold 4,825 shares at an average price of $15.25, bringing in approximately $73,581.25, and now holds 1,360,591 shares.
• Serve Robotics' stock is currently trading down by 4.7% to $14.23, with significant trading volume compared to its average.
• The company reported negative earnings per share of ($0.36) for the last quarter, missing estimates and reflecting a troubled financial performance.

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) COO Touraj Parang sold 4,825 shares of the business's stock in a transaction that occurred on Tuesday, October 7th. The stock was sold at an average price of $15.25, for a total value of $73,581.25. Following the sale, the chief operating officer directly owned 1,360,591 shares of the company's stock, valued at $20,749,012.75. This represents a 0.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Touraj Parang also recently made the following trade(s):

• On Monday, September 8th, Touraj Parang sold 53,690 shares of Serve Robotics stock. The shares were sold at an average price of $10.35, for a total value of $555,691.50.
• On Tuesday, August 5th, Touraj Parang sold 5,565 shares of Serve Robotics stock. The shares were sold at an average price of $10.64, for a total value of $59,211.60.

Serve Robotics Trading Down 4.7%

NASDAQ:SERV traded down $0.70 during trading hours on Tuesday, reaching $14.23. 14,570,622 shares of the company traded hands, compared to its average volume of 7,598,433. The stock has a market capitalization of $852.09 million, a P/E ratio of -12.37 and a beta of -0.70. Serve Robotics Inc. has a 1 year low of $4.66 and a 1 year high of $24.35. The business's 50-day moving average price is $11.11 and its two-hundred day moving average price is $9.79.

Serve Robotics (NASDAQ:SERV - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported ($0.36) earnings per share (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 firm had revenue of $0.64 million during the quarter, compared to analysts' expectations of $0.63 million. As a group, equities analysts anticipate that Serve Robotics Inc. will post -0.98 EPS for the current year.

Analyst Ratings Changes

SERV has been the topic of a number of recent analyst reports. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Serve Robotics in a research report on Saturday, September 27th. Wedbush initiated coverage on shares of Serve Robotics in a report on Wednesday, August 27th. They set an "outperform" rating and a $15.00 price objective on the stock. Singular Research raised Serve Robotics to a "moderate buy" rating in a research report on Tuesday, August 26th. Finally, Seaport Res Ptn lowered Serve Robotics from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 11th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Serve Robotics has a consensus rating of "Moderate Buy" and an average price target of $17.75.

Institutional Trading of Serve Robotics

A number of institutional investors have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. boosted its position in shares of Serve Robotics by 13.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 12,728 shares of the company's stock valued at $73,000 after acquiring an additional 1,545 shares during the last quarter. Creative Planning grew its position in Serve Robotics by 25.9% during the second quarter. Creative Planning now owns 12,923 shares of the company's stock valued at $148,000 after acquiring an additional 2,655 shares during the last quarter. Allworth Financial LP boosted its position in Serve Robotics by 316.7% during the 2nd 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 during the period. Brevan Howard Capital Management LP increased its position in shares of Serve Robotics by 34.6% in the second quarter. Brevan Howard Capital Management LP now owns 14,400 shares of the company's stock valued at $165,000 after acquiring an additional 3,699 shares during the period. Finally, PFG Investments LLC boosted its holdings in shares of Serve Robotics by 12.3% during the first quarter. PFG Investments LLC now owns 36,498 shares of the company's stock worth $210,000 after purchasing an additional 4,000 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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