Serve Robotics (NASDAQ:SERV) Trading Down 6.5% Following Insider Selling

Serve Robotics Inc. (NASDAQ:SERV)’s share price traded down 6.5% during trading on Thursday following insider selling activity. The company traded as low as $11.61 and last traded at $12.00. 11,555,663 shares traded hands during mid-day trading, an increase of 54% from the average session volume of 7,518,639 shares. The stock had previously closed at $12.84.

Specifically, Director David Michael Goldberg sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 24th. The stock was sold at an average price of $13.58, for a total value of $67,900.00. Following the sale, the director owned 45,725 shares of the company’s stock, valued at approximately $620,945.50. This represents a 9.86% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Euan Abraham sold 25,000 shares of the firm’s stock in a transaction on Friday, September 19th. The stock was sold at an average price of $14.99, for a total value of $374,750.00. Following the transaction, the insider directly owned 227,019 shares of the company’s stock, valued at $3,403,014.81. The trade was a 9.92% decrease in their position. The disclosure for this sale can be found here.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on SERV shares. Wedbush assumed coverage on Serve Robotics in a research report on Wednesday, August 27th. They issued 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 report on Monday, August 11th. Finally, Singular Research raised shares of Serve Robotics to a “moderate buy” rating in a research note on Tuesday, August 26th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $17.75.

Serve Robotics Price Performance

The company has a 50-day moving average of $10.95 and a two-hundred day moving average of $9.51. The stock has a market capitalization of $718.56 million, a PE ratio of -10.43 and a beta of -0.19.

Serve Robotics (NASDAQ:SERV) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.13). The business had revenue of $0.64 million during 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%. On average, research analysts forecast that Serve Robotics Inc. will post -0.98 EPS for the current fiscal year.

Hedge Funds Weigh In On Serve Robotics

A number of large investors have recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. boosted its holdings in shares of Serve Robotics by 13.8% in 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 during the last quarter. Creative Planning raised its position in shares of Serve Robotics by 25.9% in the 2nd quarter. Creative Planning now owns 12,923 shares of the company’s stock worth $148,000 after buying an additional 2,655 shares during the period. Allworth Financial LP boosted its holdings in 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 acquiring an additional 2,964 shares during the last quarter. Brevan Howard Capital Management LP grew its position in Serve Robotics by 34.6% during the second quarter. Brevan Howard Capital Management LP now owns 14,400 shares of the company’s stock valued at $165,000 after acquiring an additional 3,699 shares during the period. Finally, PFG Investments LLC grew its position in Serve Robotics by 12.3% during the first quarter. PFG Investments LLC now owns 36,498 shares of the company’s stock valued at $210,000 after acquiring 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.