Brian Read Sells 7,000 Shares of Serve Robotics Inc. (NASDAQ:SERV) Stock

Serve Robotics Inc. (NASDAQ:SERV) CFO Brian Read sold 7,000 shares of the stock in a transaction dated Friday, May 9th. The stock was sold at an average price of $8.03, for a total value of $56,210.00. Following the transaction, the chief financial officer now owns 233,900 shares of the company’s stock, valued at approximately $1,878,217. The trade was a 2.91 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link.

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

• On Friday, May 2nd, Brian Read sold 29,100 shares of Serve Robotics stock. The stock was sold at an average price of $7.06, for a total value of $205,446.00.

Serve Robotics Stock Up 13.7 %

SERV stock opened at $7.46 on Friday. The company has a market cap of $425.27 million and a price-to-earnings ratio of -6.22. Serve Robotics Inc. has a twelve month low of $1.77 and a twelve month high of $24.35. The business has a 50 day moving average price of $6.40 and a two-hundred day moving average price of $10.93.

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

Hedge Funds Weigh In On Serve Robotics

Hedge funds and other institutional investors have recently bought and sold shares of the business. Geode Capital Management LLC lifted its position in shares of Serve Robotics by 128.1% in the third quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock valued at $1,041,000 after buying an additional 73,496 shares during the last quarter. Tidal Investments LLC bought a new position in Serve Robotics during the third quarter worth $262,000. Harbour Capital Advisors LLC raised its position in shares of Serve Robotics by 102.4% in the fourth quarter. Harbour Capital Advisors LLC now owns 50,365 shares of the company’s stock valued at $680,000 after purchasing an additional 25,475 shares during the period. Atomi Financial Group Inc. acquired a new stake in shares of Serve Robotics during the 4th quarter worth about $209,000. Finally, SG Americas Securities LLC bought a new stake in shares of Serve Robotics during the 4th quarter worth about $114,000.

Wall Street Analysts Forecast Growth

Separately, Northland Securities set a $23.00 price objective 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 given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Strong Buy” and an average price target of $19.50.

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.