Serve Robotics (NASDAQ:SERV) Trading Down 3.4% Following Insider Selling

Serve Robotics Inc. (NASDAQ:SERV)’s stock price dropped 3.4% during mid-day trading on Wednesday following insider selling activity. The company traded as low as $13.30 and last traded at $13.75. Approximately 10,132,176 shares were traded during mid-day trading, an increase of 33% from the average daily volume of 7,609,778 shares. The stock had previously closed at $14.23.

Specifically, CEO Ali Kashani sold 12,930 shares of the business’s stock in a transaction dated Tuesday, October 7th. The shares were sold at an average price of $15.08, for a total value of $194,984.40. Following the completion of the transaction, the chief executive officer directly owned 3,421,072 shares in the company, valued at approximately $51,589,765.76. The trade was a 0.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Touraj Parang sold 4,825 shares of the business’s stock in a transaction dated Tuesday, October 7th. The stock was sold at an average price of $15.25, for a total transaction of $73,581.25. Following the completion of the transaction, the chief operating officer owned 1,360,591 shares of the company’s stock, valued at $20,749,012.75. This represents a 0.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. In other Serve Robotics news, General Counsel Evan Dunn sold 20,458 shares of the business’s stock in a transaction dated Tuesday, October 7th. The shares were sold at an average price of $15.09, for a total value of $308,711.22. Following the completion of the transaction, the general counsel directly owned 210,309 shares in the company, valued at approximately $3,173,562.81. The trade was a 8.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Serve Robotics in a research note on Wednesday. Wedbush assumed coverage on Serve Robotics in a research note on Wednesday, August 27th. They set an “outperform” rating and a $15.00 price target on the stock. Singular Research upgraded Serve Robotics to a “moderate buy” rating in a research note on Tuesday, August 26th. Finally, Seaport Res Ptn lowered Serve Robotics from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 11th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $17.75.

Serve Robotics Stock Down 3.4%

The stock has a 50-day moving average of $11.26 and a 200 day moving average of $9.85. The stock has a market cap of $822.75 million, a PE ratio of -11.95 and a beta of -0.70.

Serve Robotics (NASDAQ:SERV) last issued its earnings results on Thursday, August 7th. The company reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.13). The firm 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, equities analysts anticipate that Serve Robotics Inc. will post -0.98 EPS for the current year.

Institutional Investors Weigh In On Serve Robotics

Large investors have recently bought and sold shares of the company. Allworth Financial LP boosted its position 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 buying an additional 2,964 shares during the last quarter. Ameritas Investment Partners Inc. purchased a new stake in Serve Robotics in the 2nd quarter worth approximately $55,000. Total Investment Management Inc. purchased a new stake in Serve Robotics in the 2nd quarter worth approximately $76,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Serve Robotics in the 1st quarter worth approximately $49,000. Finally, KLP Kapitalforvaltning AS purchased a new stake in Serve Robotics in the 1st quarter worth approximately $49,000.

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.