Serve Robotics Inc. (NASDAQ:SERV) CFO Brian Read Sells 2,000 Shares

Serve Robotics Inc. (NASDAQ:SERV) CFO Brian Read sold 2,000 shares of the firm’s stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $12.59, for a total transaction of $25,180.00. Following the sale, the chief financial officer now owns 217,705 shares of the company’s stock, valued at approximately $2,740,905.95. The trade was a 0.91% 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 30th, Brian Read sold 1,295 shares of Serve Robotics stock. The shares were sold at an average price of $11.56, for a total value of $14,970.20.
• On Tuesday, May 27th, Brian Read sold 3,000 shares of Serve Robotics stock. The shares were sold at an average price of $12.15, for a total value of $36,450.00.
• On Thursday, May 22nd, Brian Read sold 1,000 shares of Serve Robotics stock. The stock was sold at an average price of $11.52, for a total value of $11,520.00.
• On Tuesday, May 13th, Brian Read sold 8,900 shares of Serve Robotics stock. The shares were sold at an average price of $8.95, for a total value of $79,655.00.
• On Friday, May 9th, Brian Read sold 7,000 shares of Serve Robotics stock. The stock was 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 stock was sold at an average price of $7.06, for a total transaction of $205,446.00.

Serve Robotics Price Performance

Shares of SERV traded down $0.38 during midday trading on Monday, reaching $12.57. 5,679,388 shares of the stock were exchanged, compared to its average volume of 10,057,702. Serve Robotics Inc. has a twelve month low of $1.82 and a twelve month high of $24.35. The company has a market capitalization of $716.58 million, a price-to-earnings ratio of -11.86 and a beta of 1.67. The business’s 50-day moving average price is $7.95 and its 200 day moving average price is $11.15.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Uber Technologies Inc purchased a new stake in Serve Robotics in the fourth quarter valued at approximately $71,534,000. Vanguard Group Inc. increased its holdings in shares of Serve Robotics by 74.6% in the 4th quarter. Vanguard Group Inc. now owns 1,274,303 shares of the company’s stock valued at $17,203,000 after acquiring an additional 544,537 shares during the period. Exchange Traded Concepts LLC raised its position in Serve Robotics by 31.4% in the 1st quarter. Exchange Traded Concepts LLC now owns 882,522 shares of the company’s stock valued at $5,075,000 after purchasing an additional 210,977 shares during the last quarter. Capital Fund Management S.A. purchased a new position in Serve Robotics during the 1st quarter worth $4,244,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Serve Robotics by 616.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 679,014 shares of the company’s stock valued at $3,972,000 after purchasing an additional 584,302 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on SERV shares. Northland Securities set a $23.00 price objective on shares of Serve Robotics in a report on Tuesday, February 18th. Cantor Fitzgerald assumed coverage on shares of Serve Robotics in a research note on Thursday, May 22nd. They issued an “overweight” rating on the stock. Three research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Strong Buy” and a consensus price target of $18.67.

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.