Serve Robotics (NASDAQ:SERV) CFO Brian Read Sells 1,270 Shares of Stock

Serve Robotics Inc. (NASDAQ:SERV) CFO Brian Read sold 1,270 shares of the company’s stock in a transaction on Thursday, October 30th. The shares were sold at an average price of $13.32, for a total value of $16,916.40. Following the transaction, the chief financial officer directly owned 353,827 shares in the company, valued at $4,712,975.64. The trade was a 0.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link.

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

• On Tuesday, October 7th, Brian Read sold 176 shares of Serve Robotics stock. The shares were sold at an average price of $15.29, for a total value of $2,691.04.
• On Tuesday, September 30th, Brian Read sold 1,225 shares of Serve Robotics stock. The shares were sold at an average price of $11.70, for a total value of $14,332.50.
• On Thursday, September 18th, Brian Read sold 3,941 shares of Serve Robotics stock. The shares were sold at an average price of $12.70, for a total value of $50,050.70.
• On Thursday, September 11th, Brian Read sold 4,319 shares of Serve Robotics stock. The shares were sold at an average price of $11.54, for a total value of $49,841.26.
• On Monday, September 8th, Brian Read sold 7,175 shares of Serve Robotics stock. The shares were sold at an average price of $10.44, for a total value of $74,907.00.
• On Monday, August 25th, Brian Read sold 10,216 shares of Serve Robotics stock. The shares were sold at an average price of $9.82, for a total value of $100,321.12.
• On Tuesday, August 5th, Brian Read sold 2,592 shares of Serve Robotics stock. The stock was sold at an average price of $10.64, for a total value of $27,578.88.

Serve Robotics Stock Performance

NASDAQ:SERV opened at $13.03 on Friday. The stock’s 50 day moving average price is $12.75 and its 200 day moving average price is $10.86. Serve Robotics Inc. has a 52 week low of $4.66 and a 52 week high of $24.35. The company has a market capitalization of $780.26 million, a P/E ratio of -11.33 and a beta of -0.70.

Serve Robotics (NASDAQ:SERV) last released its quarterly earnings data on Thursday, August 7th. The company reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.13). Serve Robotics had a negative return on equity of 36.47% and a negative net margin of 3,726.00%.The firm had revenue of $0.64 million during the quarter, compared to analyst estimates of $0.63 million. As a group, sell-side analysts forecast that Serve Robotics Inc. will post -0.98 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on SERV shares. Weiss Ratings restated a “sell (d-)” rating on shares of Serve Robotics in a report on Wednesday, October 8th. Seaport Res Ptn lowered Serve Robotics from a “strong-buy” rating to a “hold” rating in a report on Monday, August 11th. Wedbush began coverage on Serve Robotics in a report on Wednesday, August 27th. They set an “outperform” rating and a $15.00 price objective on the stock. Citigroup reissued an “outperform” rating on shares of Serve Robotics in a report on Monday, October 13th. Finally, Northland Securities set a $26.00 price objective on Serve Robotics in a report on Monday, October 13th. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Serve Robotics currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.33.

Institutional Trading of Serve Robotics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SERV. Capital Fund Management S.A. acquired a new stake in Serve Robotics in the 1st quarter valued at approximately $4,244,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in 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 buying an additional 584,302 shares during the last quarter. Geode Capital Management LLC grew its holdings in Serve Robotics by 176.0% in the 2nd quarter. Geode Capital Management LLC now owns 878,668 shares of the company’s stock valued at $10,054,000 after buying an additional 560,361 shares during the last quarter. Cubist Systematic Strategies LLC acquired a new stake in Serve Robotics in the 1st quarter valued at approximately $2,064,000. Finally, Bank of America Corp DE grew its holdings in Serve Robotics by 157.9% in the 2nd quarter. Bank of America Corp DE now owns 401,557 shares of the company’s stock valued at $4,594,000 after buying an additional 245,858 shares during the last quarter.

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.