Serve Robotics (NASDAQ:SERV) Shares Down 3.4% on Insider Selling

Key Points

• Serve Robotics shares dropped 3.4% on Wednesday following insider selling, with CEO Ali Kashani and other executives selling significant amounts of stock.
• The stock's trading volume increased by 33%, with shares sold at prices averaging between $15.09 and $15.25 before the decline.
• Analysts have mixed ratings on Serve Robotics, with a consensus target price of $17.75, indicating potential for future growth despite recent insider sales.

Shares of Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) fell 3.4% during trading on Wednesday after an insider sold shares in the company. The stock traded as low as $13.30 and last traded at $13.75. 10,132,176 shares traded hands during trading, an increase of 33% from the average session volume of 7,609,778 shares. The stock had previously closed at $14.23.

Specifically, CEO Ali Kashani sold 12,930 shares of the company's stock in a transaction dated Tuesday, October 7th. The shares were sold at an average price of $15.08, for a total transaction of $194,984.40. Following the completion of the transaction, the chief executive officer owned 3,421,072 shares in the company, valued at approximately $51,589,765.76. This represents a 0.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Touraj Parang sold 4,825 shares of the stock in a transaction dated Tuesday, October 7th. The shares were sold at an average price of $15.25, for a total transaction of $73,581.25. Following the completion of the transaction, the chief operating officer owned 1,360,591 shares of the company's stock, valued at $20,749,012.75. This represents a 0.35% decrease in their position. The disclosure for this sale can be found here. In related news, General Counsel Evan Dunn sold 20,458 shares of the stock in a transaction dated Tuesday, October 7th. The shares were sold at an average price of $15.09, for a total value of $308,711.22. Following the completion of the transaction, the general counsel owned 210,309 shares in the company, valued at $3,173,562.81. This represents a 8.87% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink.

Analysts Set New Price Targets

SERV has been the subject of a number of recent analyst reports. Weiss Ratings reiterated a "sell (d-)" rating on shares of Serve Robotics in a research report on Wednesday. Singular Research raised shares of Serve Robotics to a "moderate buy" rating in a report on Tuesday, August 26th. Wedbush began coverage on shares of Serve Robotics in a report on Wednesday, August 27th. They issued an "outperform" rating and a $15.00 price target for the company. Finally, Seaport Res Ptn downgraded shares of 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 assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $17.75.

Serve Robotics Stock Down 3.4%

The business's 50-day moving average price is $11.18 and its 200-day moving average price is $9.83. The firm has a market capitalization of $823.35 million, a PE ratio of -11.96 and a beta of -0.70.

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

Hedge Funds Weigh In On Serve Robotics

Hedge funds have recently added to or reduced their stakes in the company. Exchange Traded Concepts LLC grew its holdings in Serve Robotics by 12.9% during the second quarter. Exchange Traded Concepts LLC now owns 996,283 shares of the company's stock valued at $11,397,000 after purchasing an additional 113,761 shares during the last quarter. Geode Capital Management LLC grew its holdings in Serve Robotics by 176.0% during the second quarter. Geode Capital Management LLC now owns 878,668 shares of the company's stock valued at $10,054,000 after purchasing an additional 560,361 shares during the last quarter. Capital Fund Management S.A. acquired a new position in Serve Robotics during the first quarter valued at approximately $4,244,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Serve Robotics by 6.3% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 721,826 shares of the company's stock valued at $8,258,000 after purchasing an additional 42,812 shares during the last quarter. Finally, Legal & General Group Plc grew its holdings in Serve Robotics by 14.9% during the second quarter. Legal & General Group Plc now owns 693,929 shares of the company's stock valued at $7,261,000 after purchasing an additional 89,809 shares during the last quarter.

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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