Serve Robotics (NASDAQ:SERV) Stock Price Down 4.2% on Insider Selling

Shares of Serve Robotics Inc. (NASDAQ:SERV) fell 4.2% during trading on Tuesday after an insider sold shares in the company. The stock traded as low as $12.88 and last traded at $13.17. 17,766,716 shares changed hands during 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 that occurred on Friday, September 19th. The shares were sold at an average price of $14.99, for a total value of $374,750.00. Following the sale, the insider directly owned 227,019 shares in the company, valued at $3,403,014.81. This trade represents a 9.92% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Euan Abraham sold 8,433 shares of the stock in a transaction that occurred on Thursday, September 18th. The shares were sold at an average price of $12.38, for a total transaction of $104,400.54. Following the completion of the sale, the insider owned 252,019 shares in the company, valued at $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 related news, CFO Brian Read sold 3,941 shares of the stock in a transaction that occurred on Thursday, September 18th. The shares were sold at an average price of $12.70, for a total value of $50,050.70. Following the sale, the chief financial officer directly owned 356,498 shares in the company, valued at $4,527,524.60. This trade represents a 1.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on SERV shares. Seaport Res Ptn cut Serve Robotics from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 11th. Singular Research raised Serve Robotics to a “moderate buy” rating in a research note on Tuesday, August 26th. Finally, Wedbush started coverage on Serve Robotics in a research note on Wednesday, August 27th. They set an “outperform” rating and a $15.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $17.75.

Serve Robotics Trading Down 4.2%

The company has a market capitalization of $788.62 million, a P/E ratio of -11.45 and a beta of -0.19. The firm’s 50 day moving average price is $10.94 and its two-hundred day moving average price is $9.45.

Serve Robotics (NASDAQ:SERV) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.13). The business had revenue of $0.64 million for the quarter, compared to the consensus estimate of $0.63 million. Serve Robotics had a negative return on equity of 36.47% and a negative net margin of 3,726.00%. Analysts anticipate that Serve Robotics Inc. will post -0.98 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Serve Robotics

Hedge funds and other institutional investors have recently made changes to their positions in the company. Allworth Financial LP grew its stake in shares of Serve Robotics by 316.7% in the second 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 in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in Serve Robotics during the first quarter worth $49,000. KLP Kapitalforvaltning AS bought a new position in Serve Robotics during the first quarter worth $49,000. Ameritas Investment Partners Inc. bought a new position in Serve Robotics during the second quarter worth $55,000. Finally, Charles Schwab Investment Management Inc. boosted its position in Serve Robotics by 13.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 12,728 shares of the company’s stock worth $73,000 after purchasing an additional 1,545 shares during the period.

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.