Serve Robotics (NASDAQ:SERV) Stock Price Down 1.7% Following Insider Selling

Key Points

• Serve Robotics stock price decreased by 1.7% after an insider sale by CEO Ali Kashani of 164,735 shares, resulting in a 4.58% decrease in his holdings.
• Institutional investors have been actively adjusting their positions in Serve Robotics, with Total Investment Management Inc. purchasing a new stake valued at approximately $76,000.
• The company recently missed earnings expectations with an EPS of (0.36), falling short of the estimated (0.23), despite reporting revenue slightly above consensus at $0.64 million.

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s stock price traded down 1.7% on Tuesday after an insider sold shares in the company. The stock traded as low as $10.13 and last traded at $10.33. 1,550,935 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 7,077,044 shares. The stock had previously closed at $10.50.

Specifically, CEO Ali Kashani sold 164,735 shares of the firm's stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $10.33, for a total transaction of $1,701,712.55. Following the completion of the sale, the chief executive officer owned 3,434,002 shares in the company, valued at approximately $35,473,240.66. This trade represents a 4.58% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Touraj Parang sold 53,690 shares of the firm's stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $10.35, for a total transaction of $555,691.50. Following the sale, the chief operating officer owned 1,365,416 shares of the company's stock, valued at approximately $14,132,055.60. This represents a 3.78% decrease in their position. The disclosure for this sale can be found here. In other news, CFO Brian Read sold 7,175 shares of the firm's stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $10.44, for a total transaction of $74,907.00. Following the completion of the sale, the chief financial officer owned 364,758 shares in the company, valued at approximately $3,808,073.52. This trade represents a 1.93% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Analysts Set New Price Targets

A number of research firms have recently issued reports on SERV. 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. Wedbush began coverage on shares of Serve Robotics in a research note on Wednesday, August 27th. They set an "outperform" rating and a $15.00 target price for the company. Singular Research upgraded shares of Serve Robotics to a "moderate buy" rating in a research note on Tuesday, August 26th. Finally, 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. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $17.75.

Serve Robotics Stock Down 1.7%

The firm has a 50 day simple moving average of $10.58 and a two-hundred day simple moving average of $9.19. The stock has a market capitalization of $617.86 million, a P/E ratio of -8.98 and a beta of -0.16.

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

Institutional Investors Weigh In On Serve Robotics

A number of institutional investors have recently added to or reduced their stakes in the business. Total Investment Management Inc. bought a new stake in Serve Robotics during the 2nd quarter worth approximately $76,000. Advisory Services Network LLC bought a new stake in Serve Robotics during the 2nd quarter worth approximately $499,000. Headlands Technologies LLC grew its holdings in Serve Robotics by 58,553.6% during the 2nd quarter. Headlands Technologies LLC now owns 16,423 shares of the company's stock worth $188,000 after acquiring an additional 16,395 shares during the last quarter. Tower Research Capital LLC TRC grew its holdings in Serve Robotics by 2,385.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 27,412 shares of the company's stock worth $314,000 after acquiring an additional 26,309 shares during the last quarter. Finally, Captrust Financial Advisors grew its holdings in Serve Robotics by 16.5% during the 2nd quarter. Captrust Financial Advisors now owns 479,347 shares of the company's stock worth $5,484,000 after acquiring an additional 67,770 shares during the last quarter.

About Serve Robotics

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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