Serve Robotics (NASDAQ:SERV) Shares Down 4.2% After Insider Selling

Key Points

• Serve Robotics Inc. shares dropped 4.2% after insider Euan Abraham sold 25,000 shares, contributing to a significant change in ownership levels among company insiders.
• The company recently reported a quarterly loss of ($0.36) EPS, missing analyst expectations by ($0.13), with a revenue of $0.64 million for the quarter.
• Equity analysts maintain a generally positive outlook, with an average rating of "Buy" and a consensus price target of $17.75 for SERV shares.

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) shares fell 4.2% during mid-day trading on Tuesday after an insider sold shares in the company. The company traded as low as $12.88 and last traded at $13.17. 17,766,716 shares traded hands during mid-day trading, an increase of 138% from the average session volume of 7,450,231 shares. The stock had previously closed at $13.75.

Specifically, insider Euan Abraham sold 25,000 shares of the stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $14.99, for a total value of $374,750.00. Following the completion of the transaction, the insider owned 227,019 shares of the company's stock, valued at approximately $3,403,014.81. This represents a 9.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Euan Abraham sold 8,433 shares of the firm's stock in a transaction that occurred on Thursday, September 18th. The shares were sold at an average price of $12.38, for a total value of $104,400.54. Following the completion of the sale, the insider owned 252,019 shares in the company, valued at approximately $3,119,995.22. This represents a 3.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. In other news, CFO Brian Read sold 3,941 shares of the firm's stock in a transaction on Thursday, September 18th. The stock was sold at an average price of $12.70, for a total value of $50,050.70. Following the completion of the sale, the chief financial officer owned 356,498 shares of the company's stock, valued at $4,527,524.60. This trade represents a 1.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on SERV shares. Wedbush initiated coverage on Serve Robotics in a report on Wednesday, August 27th. They set an "outperform" rating and a $15.00 price objective on the stock. Seaport Res Ptn lowered shares of Serve Robotics from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 11th. Finally, Singular Research raised shares of Serve Robotics to a "moderate buy" rating in a research report on Tuesday, August 26th. One equities research 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's stock. Based on data from MarketBeat.com, Serve Robotics has an average rating of "Buy" and a consensus price target of $17.75.

Serve Robotics Stock Down 4.2%

The firm has a market capitalization of $788.62 million, a PE ratio of -11.45 and a beta of -0.16. The firm's fifty day simple moving average is $10.88 and its 200-day simple moving average is $9.42.

Serve Robotics (NASDAQ:SERV - Get Free Report) last released 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). The business had revenue of $0.64 million for the quarter, compared to analysts' expectations of $0.63 million. Serve Robotics had a negative net margin of 3,726.00% and a negative return on equity of 36.47%. As a group, analysts predict that Serve Robotics Inc. will post -0.98 earnings per share for the current year.

Hedge Funds Weigh In On Serve Robotics

A number of institutional investors have recently bought and sold shares of SERV. Charles Schwab Investment Management Inc. increased its holdings 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 purchasing an additional 1,545 shares in the last quarter. Creative Planning boosted its stake in Serve Robotics by 25.9% during the 2nd quarter. Creative Planning now owns 12,923 shares of the company's stock worth $148,000 after purchasing an additional 2,655 shares during the last quarter. Allworth Financial LP boosted its position in shares of 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 acquiring an additional 2,964 shares during the last quarter. Brevan Howard Capital Management LP raised its holdings in Serve Robotics by 34.6% in the 2nd quarter. Brevan Howard Capital Management LP now owns 14,400 shares of the company's stock valued at $165,000 after buying an additional 3,699 shares during the period. Finally, Jefferies Financial Group Inc. increased its stake in Serve Robotics by 30.3% during the fourth quarter. Jefferies Financial Group Inc. now owns 17,200 shares of the company's stock worth $232,000 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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