Serve Robotics (NASDAQ:SERV) Trading Down 3.6% on Insider Selling

Serve Robotics Inc. (NASDAQ:SERV) was down 3.6% during mid-day trading on Tuesday following insider selling activity. The company traded as low as $10.42 and last traded at $10.57. Approximately 4,880,708 shares changed hands during trading, a decline of 40% from the average daily volume of 8,086,046 shares. The stock had previously closed at $10.97.

Specifically, insider Anthony Armenta sold 5,003 shares of the business’s stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $11.96, for a total transaction of $59,835.88. Following the completion of the transaction, the insider directly owned 555,034 shares in the company, valued at approximately $6,638,206.64. The trade was a 0.89% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ali Kashani sold 16,730 shares of the stock in a transaction that occurred 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 completion of the sale, the chief executive officer owned 3,374,862 shares in the company, valued at $40,059,611.94. This represents a 0.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In related news, COO Touraj Parang sold 5,000 shares of Serve Robotics stock in a transaction that occurred on Friday, December 12th. The shares were sold at an average price of $13.07, for a total transaction of $65,350.00. Following the transaction, the chief operating officer owned 1,333,691 shares of the company’s stock, valued at $17,431,341.37. This trade represents a 0.37% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on SERV shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Serve Robotics in a report on Monday. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Serve Robotics in a research note on Monday, November 17th. Citigroup reiterated an “outperform” rating on shares of Serve Robotics in a report on Monday, October 13th. Northland Securities set a $26.00 target price on Serve Robotics in a research note on Monday, October 13th. Finally, Wedbush started coverage on Serve Robotics in a research report on Wednesday, August 27th. They set an “outperform” rating and a $15.00 price target on the stock. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Serve Robotics currently has an average rating of “Moderate Buy” and a consensus price target of $19.33.

Serve Robotics Stock Performance

The firm has a market cap of $787.25 million, a price-to-earnings ratio of -7.09 and a beta of -0.14. The stock has a 50-day moving average of $12.18 and a 200-day moving average of $11.55.

Serve Robotics (NASDAQ:SERV) last issued its quarterly earnings results on Wednesday, November 12th. The company reported ($0.54) earnings per share for the quarter, missing the consensus estimate of ($0.37) by ($0.17). The business had revenue of $0.69 million for the quarter, compared to the consensus estimate of $0.69 million. Serve Robotics had a negative return on equity of 38.52% and a negative net margin of 4,121.58%. Sell-side analysts predict that Serve Robotics Inc. will post -0.98 EPS for the current fiscal year.

Institutional Investors Weigh In On Serve Robotics

Several institutional investors and hedge funds have recently added to or reduced their stakes in SERV. Vontobel Holding Ltd. boosted its stake in shares of Serve Robotics by 6.7% during the 3rd quarter. Vontobel Holding Ltd. now owns 22,427 shares of the company’s stock worth $261,000 after buying an additional 1,417 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings 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 acquiring an additional 1,545 shares in the last quarter. Creative Planning boosted its position in Serve Robotics by 14.5% during the third quarter. Creative Planning now owns 14,800 shares of the company’s stock valued at $172,000 after purchasing an additional 1,877 shares during the last quarter. Phoenix Financial Ltd. grew its stake in Serve Robotics by 13.3% in the third quarter. Phoenix Financial Ltd. now owns 17,000 shares of the company’s stock valued at $198,000 after purchasing an additional 2,000 shares in the last quarter. Finally, Thoroughbred Financial Services LLC grew its stake in Serve Robotics by 9.0% in the third quarter. Thoroughbred Financial Services LLC now owns 24,250 shares of the company’s stock valued at $282,000 after purchasing an additional 2,000 shares in the last quarter.

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.