Serve Robotics (NASDAQ:SERV) Stock Price Down 9.6% on Insider Selling

Serve Robotics Inc. (NASDAQ:SERV)’s stock price fell 9.6% on Monday after an insider sold shares in the company. The stock traded as low as $10.91 and last traded at $10.97. 5,595,057 shares traded hands during mid-day trading, a decline of 31% from the average session volume of 8,099,161 shares. The stock had previously closed at $12.13.

Specifically, CEO Ali Kashani sold 16,730 shares of Serve Robotics stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $11.87, for a total transaction of $198,585.10. Following the sale, the chief executive officer owned 3,374,862 shares of the company’s stock, valued at $40,059,611.94. The trade was a 0.49% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Touraj Parang sold 5,000 shares of the business’s stock in a transaction on Friday, December 12th. The stock was sold at an average price of $13.07, for a total transaction of $65,350.00. Following the completion of the transaction, the chief operating officer owned 1,333,691 shares in the company, valued at $17,431,341.37. This represents a 0.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In other news, COO Touraj Parang sold 6,300 shares of the firm’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $11.87, for a total transaction of $74,781.00. Following the completion of the sale, the chief operating officer directly owned 1,338,691 shares in the company, valued at $15,890,262.17. This trade represents a 0.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Wall Street Analyst Weigh In

SERV has been the topic of several recent analyst reports. Northland Securities set a $26.00 price target on Serve Robotics in a research note on Monday, October 13th. Weiss Ratings restated a “sell (d-)” rating on shares of Serve Robotics in a report on Monday, December 8th. Citigroup reaffirmed an “outperform” rating on shares of Serve Robotics in a research report on Monday, October 13th. 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. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Serve Robotics in a research note on Monday, November 17th. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $19.33.

Serve Robotics Stock Down 9.6%

The company has a 50 day simple moving average of $12.26 and a 200-day simple moving average of $11.55. The stock has a market cap of $817.05 million, a price-to-earnings ratio of -7.36 and a beta of -0.10.

Serve Robotics (NASDAQ:SERV) last issued its earnings results on Wednesday, November 12th. The company reported ($0.54) EPS for the quarter, missing the consensus estimate of ($0.37) by ($0.17). The firm had revenue of $0.69 million during the quarter, compared to analyst estimates of $0.69 million. Serve Robotics had a negative return on equity of 38.52% and a negative net margin of 4,121.58%. On average, equities research analysts expect that Serve Robotics Inc. will post -0.98 EPS for the current fiscal year.

Institutional Trading of Serve Robotics

Institutional investors have recently added to or reduced their stakes in the business. First Trust Advisors LP bought a new position in shares of Serve Robotics in the 3rd quarter worth about $8,840,000. Capital Fund Management S.A. bought a new stake in shares of Serve Robotics during the 1st quarter valued at about $4,244,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Serve Robotics by 616.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 679,014 shares of the company’s stock worth $3,972,000 after acquiring an additional 584,302 shares during the period. Geode Capital Management LLC lifted its holdings in 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 acquiring an additional 560,361 shares during the last quarter. Finally, Vanguard Group Inc. lifted its holdings in Serve Robotics by 25.2% in the third quarter. Vanguard Group Inc. now owns 2,594,869 shares of the company’s stock worth $30,178,000 after acquiring an additional 521,945 shares during the last quarter.

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.