Touraj Parang Sells 53,690 Shares of Serve Robotics (NASDAQ:SERV) Stock

Key Points

• Touraj Parang, COO of Serve Robotics, sold 53,690 shares at an average price of $10.35, totaling about $555,691.50, which represents a 3.78% decrease in his ownership.
• Serve Robotics reported a loss of $0.36 EPS for the latest quarter, missing analysts' expectations of ($0.23) by $0.13, and generated revenue of $0.64 million, slightly above the anticipated $0.63 million.
• Despite recent challenges, analysts maintain a consensus rating of "Buy" for Serve Robotics with an average price target of $17.75, reflecting positive outlook in the long term.

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) COO Touraj Parang sold 53,690 shares of Serve Robotics stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $10.35, for a total value of $555,691.50. Following the sale, the chief operating officer directly owned 1,365,416 shares in the company, valued at approximately $14,132,055.60. The trade was a 3.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

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

• 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 Price Performance

Shares of SERV stock traded up $0.50 during trading hours on Monday, hitting $10.50. 6,483,214 shares of the company's stock traded hands, compared to its average volume of 6,069,723. The stock's fifty day simple moving average is $10.60 and its two-hundred day simple moving average is $9.20. Serve Robotics Inc. has a 12-month low of $4.66 and a 12-month high of $24.35.

Serve Robotics (NASDAQ:SERV - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.13). The firm 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%. Equities research analysts forecast that Serve Robotics Inc. will post -0.98 EPS for the current fiscal year.

Hedge Funds Weigh In On Serve Robotics

Several institutional investors have recently bought and sold shares of the stock. Exchange Traded Concepts LLC lifted its stake in Serve Robotics by 12.9% in the 2nd quarter. Exchange Traded Concepts LLC now owns 996,283 shares of the company's stock worth $11,397,000 after purchasing an additional 113,761 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Serve Robotics by 176.0% in the second quarter. Geode Capital Management LLC now owns 878,668 shares of the company's stock worth $10,054,000 after buying an additional 560,361 shares in the last quarter. Capital Fund Management S.A. purchased a new stake in shares of Serve Robotics in the first quarter worth about $4,244,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake 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 buying 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 2nd quarter. Legal & General Group Plc now owns 693,929 shares of the company's stock valued at $7,261,000 after buying an additional 89,809 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on SERV. Singular Research raised shares of Serve Robotics to a "moderate buy" rating in a report on Tuesday, August 26th. Cantor Fitzgerald assumed coverage on shares of Serve Robotics in a research note on Thursday, May 22nd. They set an "overweight" rating on the stock. Seaport Res Ptn downgraded shares of Serve Robotics from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 11th. Finally, Wedbush began coverage on Serve Robotics in a report on Wednesday, August 27th. They issued an "outperform" rating and a $15.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $17.75.

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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