Insider Selling: Serve Robotics Inc. (NASDAQ:SERV) CFO Sells $205,446.00 in Stock

Serve Robotics Inc. (NASDAQ:SERV) CFO Brian Read sold 29,100 shares of the company’s stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $7.06, for a total transaction of $205,446.00. Following the transaction, the chief financial officer now directly owns 240,900 shares of the company’s stock, valued at approximately $1,700,754. This represents a 10.78 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Serve Robotics Trading Up 9.8 %

SERV stock opened at $6.58 on Friday. The company has a market cap of $374.99 million and a PE ratio of -5.48. The stock has a 50-day moving average price of $6.42 and a two-hundred day moving average price of $10.93. Serve Robotics Inc. has a 12-month low of $1.77 and a 12-month high of $24.35.

Serve Robotics (NASDAQ:SERV) last posted its earnings results on Thursday, May 8th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.02). Serve Robotics had a negative return on equity of 184.60% and a negative net margin of 1,972.12%. Equities analysts forecast that Serve Robotics Inc. will post -0.98 EPS for the current fiscal year.

Hedge Funds Weigh In On Serve Robotics

A number of hedge funds have recently made changes to their positions in SERV. Arkadios Wealth Advisors acquired a new stake in Serve Robotics in the 1st quarter valued at $74,000. Phoenix Financial Ltd. acquired a new stake in shares of Serve Robotics in the first quarter valued at about $87,000. KLP Kapitalforvaltning AS purchased a new stake in shares of Serve Robotics during the 1st quarter valued at about $49,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in Serve Robotics during the 1st quarter worth approximately $49,000. Finally, Cambridge Investment Research Advisors Inc. boosted its holdings in Serve Robotics by 82.4% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 18,966 shares of the company’s stock worth $109,000 after acquiring an additional 8,566 shares during the period.

Analyst Ratings Changes

Separately, Northland Securities set a $23.00 target price 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 issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus 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.