Brian Read Sells 8,900 Shares of Serve Robotics Inc. (NASDAQ:SERV) Stock

Serve Robotics Inc. (NASDAQ:SERV) CFO Brian Read sold 8,900 shares of the firm’s stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $8.95, for a total transaction of $79,655.00. Following the completion of the transaction, the chief financial officer now owns 225,000 shares in the company, valued at $2,013,750. The trade was a 3.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

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

• On Friday, May 9th, Brian Read sold 7,000 shares of Serve Robotics stock. The shares were sold at an average price of $8.03, for a total transaction of $56,210.00.
• On Friday, May 2nd, Brian Read sold 29,100 shares of Serve Robotics stock. The shares were sold at an average price of $7.06, for a total transaction of $205,446.00.

Serve Robotics Price Performance

Shares of Serve Robotics stock opened at $9.03 on Thursday. Serve Robotics Inc. has a fifty-two week low of $1.77 and a fifty-two week high of $24.35. The firm has a fifty day moving average price of $6.46 and a two-hundred day moving average price of $10.90. The company has a market cap of $514.77 million and a PE ratio of -8.52.

Institutional Trading of Serve Robotics

A number of hedge funds have recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. boosted its holdings in Serve Robotics by 13.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 12,728 shares of the company’s stock valued at $73,000 after purchasing an additional 1,545 shares during the period. Blue Trust Inc. bought a new position in Serve Robotics during the 4th quarter valued at about $27,000. CIBC Private Wealth Group LLC bought a new position in Serve Robotics during the 4th quarter valued at about $34,000. Bogart Wealth LLC bought a new position in Serve Robotics during the 4th quarter valued at about $37,000. Finally, Jefferies Financial Group Inc. lifted its holdings in Serve Robotics by 30.3% during the 4th quarter. Jefferies Financial Group Inc. now owns 17,200 shares of the company’s stock valued at $232,000 after purchasing an additional 4,000 shares during the last quarter.

Analyst Ratings Changes

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

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.