Insider Selling: Serve Robotics Inc. (NASDAQ:SERV) CEO Sells 1,700 Shares of Stock

Serve Robotics Inc. (NASDAQ:SERV) CEO Ali Kashani sold 1,700 shares of Serve Robotics stock in a transaction that occurred on Wednesday, May 7th. The stock was sold at an average price of $6.15, for a total value of $10,455.00. Following the completion of the transaction, the chief executive officer now owns 3,223,427 shares of the company’s stock, valued at approximately $19,824,076.05. This trade represents a 0.05 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link.

Ali Kashani also recently made the following trade(s):

• On Tuesday, April 8th, Ali Kashani sold 1,670 shares of Serve Robotics stock. The stock was sold at an average price of $5.71, for a total transaction of $9,535.70.
• On Wednesday, March 19th, Ali Kashani sold 2,055 shares of Serve Robotics stock. The stock was sold at an average price of $7.37, for a total transaction of $15,145.35.
• On Tuesday, March 11th, Ali Kashani acquired 3,000 shares of Serve Robotics stock. The stock was acquired at an average cost of $6.85 per share, with a total value of $20,550.00.
• On Thursday, February 27th, Ali Kashani sold 3,713 shares of Serve Robotics stock. The shares were sold at an average price of $9.21, for a total value of $34,196.73.

Serve Robotics Stock Performance

Shares of SERV opened at $7.46 on Friday. The stock has a 50 day moving average price of $6.40 and a 200 day moving average price of $10.91. The stock has a market capitalization of $425.27 million and a price-to-earnings ratio of -6.22. Serve Robotics Inc. has a one year low of $1.77 and a one year high of $24.35.

Serve Robotics (NASDAQ:SERV) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.02). The firm had revenue of $0.44 million for the quarter, compared to analyst estimates of $0.49 million. Serve Robotics had a negative return on equity of 184.60% and a negative net margin of 1,972.12%. On average, analysts predict that Serve Robotics Inc. will post -0.98 earnings per share for the current year.

Analysts Set New Price Targets

Separately, Northland Securities set a $23.00 target price on shares of Serve Robotics in a research report on Tuesday, February 18th. Two equities research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Strong Buy” and a consensus target price of $19.50.

Hedge Funds Weigh In On Serve Robotics

Institutional investors and hedge funds have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. boosted its stake in Serve Robotics by 13.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 12,728 shares of the company’s stock valued at $73,000 after acquiring an additional 1,545 shares in the last quarter. Blue Trust Inc. purchased a new stake in shares of Serve Robotics during the fourth quarter worth approximately $27,000. CIBC Private Wealth Group LLC purchased a new stake in shares of Serve Robotics in the fourth quarter valued at about $34,000. Bogart Wealth LLC acquired a new position in Serve Robotics during the 4th quarter worth approximately $37,000. Finally, Jefferies Financial Group Inc. grew its holdings in Serve Robotics by 30.3% during the fourth quarter. Jefferies Financial Group Inc. now owns 17,200 shares of the company’s stock worth $232,000 after acquiring an additional 4,000 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.