Brian Read Sells 9,700 Shares of Serve Robotics (NASDAQ:SERV) Stock

Serve Robotics Inc. (NASDAQ:SERV) CFO Brian Read sold 9,700 shares of the company’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $4.80, for a total transaction of $46,560.00. Following the completion of the sale, the chief financial officer directly owned 276,002 shares of the company’s stock, valued at $1,324,809.60. The trade was a 3.40% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Brian Read also recently made the following trade(s):

• On Tuesday, August 18th, Brian Read sold 6,129 shares of Serve Robotics stock. The shares were sold at an average price of $4.56, for a total transaction of $27,948.24.
• On Monday, August 17th, Brian Read sold 25,240 shares of Serve Robotics stock. The stock was sold at an average price of $5.24, for a total transaction of $132,257.60.
• On Wednesday, June 10th, Brian Read sold 1,496 shares of Serve Robotics stock. The stock was sold at an average price of $7.24, for a total transaction of $10,831.04.

Serve Robotics Trading Down 0.8%

Shares of NASDAQ:SERV opened at $4.74 on Friday. The company has a 50 day moving average of $5.67 and a 200-day moving average of $7.92. The firm has a market cap of $411.01 million, a P/E ratio of -1.93 and a beta of 1.34. Serve Robotics Inc. has a twelve month low of $4.32 and a twelve month high of $18.64.

Serve Robotics (NASDAQ:SERV) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.80) EPS for the quarter, missing analysts’ consensus estimates of ($0.69) by ($0.11). Serve Robotics had a negative net margin of 2,315.80% and a negative return on equity of 55.34%. The company had revenue of $3.24 million for the quarter, compared to analyst estimates of $3.51 million. Equities research analysts forecast that Serve Robotics Inc. will post -2.71 EPS for the current year.

Institutional Investors Weigh In On Serve Robotics

Several institutional investors and hedge funds have recently added to or reduced their stakes in SERV. Goldman Sachs Group Inc. grew its holdings in Serve Robotics by 280.4% during the first quarter. Goldman Sachs Group Inc. now owns 297,138 shares of the company’s stock valued at $1,709,000 after purchasing an additional 219,018 shares during the last quarter. Creative Planning lifted its stake in shares of Serve Robotics by 25.9% in the second 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 last quarter. JPMorgan Chase & Co. lifted its stake in shares of Serve Robotics by 294.3% in the second quarter. JPMorgan Chase & Co. now owns 29,905 shares of the company’s stock worth $342,000 after buying an additional 22,320 shares during the last quarter. Rhumbline Advisers bought a new stake in shares of Serve Robotics during the 2nd quarter worth $767,000. Finally, American Century Companies Inc. bought a new stake in shares of Serve Robotics during the 2nd quarter worth $122,000.

Trending Headlines about Serve Robotics

Here are the key news stories impacting Serve Robotics this week:

• Positive Sentiment: Serve Robotics announced a partnership with Wonder to support autonomous food delivery using sidewalk robots. The deal adds another potential customer and distribution channel, which could increase utilization of SERV’s fleet and expand its commercial footprint. Wonder partners with Serve Robotics on autonomous delivery by sidewalk robots
• Positive Sentiment: Serve is also preparing to deploy its autonomous delivery robots through Grubhub. Access to Grubhub’s restaurant network could help SERV monetize its more than 2,000 robots and improve fleet utilization, although the financial impact has not yet been quantified. Serve Robotics to deploy its autonomous delivery robots with Grubhub
• Neutral Sentiment: Analyst commentary highlights the opportunity to turn SERV’s growing robot fleet into a revenue engine through higher utilization, partnerships and additional services. However, this is a growth thesis rather than evidence of near-term profitability, and Serve continues to face a highly competitive market. Can Serve Robotics Turn 2,000 Robots Into a Revenue Growth Engine?
• Negative Sentiment: Serve has lost its Uber Eats relationship and is turning to Grubhub, raising questions about customer concentration and the pace of revenue growth. Recent guidance concerns have also overshadowed the positive partnership announcements. Serve Robotics Turns to Grubhub After Losing Uber Eats Deal
• Negative Sentiment: CEO Ali Kashani, COO Touraj Parang and CFO Brian Read reported multiple share sales totaling roughly 124,000 shares in August. The filings say the sales were made to cover tax withholding on vested restricted stock units, and the executives retained significant stakes, but the cluster of transactions may weigh on sentiment. Serve Robotics CEO Sells Shares to Cover RSU Tax Withholding

Analysts Set New Price Targets

SERV has been the subject of a number of recent research reports. LADENBURG THALM/SH SH raised their price target on Serve Robotics from $15.00 to $16.60 and gave the stock a “buy” rating in a research note on Wednesday, May 13th. Weiss Ratings upgraded Serve Robotics from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, July 21st. Guggenheim cut their price objective on shares of Serve Robotics from $13.00 to $7.00 and set a “buy” rating on the stock in a research report on Monday, August 10th. Cantor Fitzgerald downgraded shares of Serve Robotics from an “overweight” rating to a “neutral” rating in a research report on Friday, August 7th. Finally, Freedom Capital upgraded shares of Serve Robotics from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 14th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $14.80.

About Serve Robotics

Serve Robotics develops and operates autonomous sidewalk delivery robots designed to transform last-mile logistics for restaurants, retailers and grocery brands. By combining proprietary hardware, sensor suites and dispatch software, the company enables on-demand deliveries of food, beverages and consumer goods while minimizing reliance on traditional vehicle fleets.

The core Serve robot integrates four-wheeled mobility, LiDAR and vision cameras with AI-driven navigation algorithms to detect obstacles, traverse urban sidewalks and interact safely with pedestrians.