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

Serve Robotics Inc. (NASDAQ:SERV) CFO Brian Read sold 7,000 shares of the business’s stock in a transaction dated Friday, May 9th. The shares were sold at an average price of $8.03, for a total transaction of $56,210.00. Following the transaction, the chief financial officer now owns 233,900 shares in the company, valued at $1,878,217. This represents a 2.91 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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 Price Performance

Shares of Serve Robotics stock opened at $7.46 on Friday. The company’s fifty day simple moving average is $6.40 and its 200-day simple moving average is $10.91. Serve Robotics Inc. has a 1-year low of $1.77 and a 1-year high of $24.35. The stock has a market capitalization of $425.27 million and a PE ratio of -6.22.

Serve Robotics (NASDAQ:SERV) last posted its quarterly 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). Serve Robotics had a negative return on equity of 184.60% and a negative net margin of 1,972.12%. The business had revenue of $0.44 million during the quarter, compared to the consensus estimate of $0.49 million. As a group, research analysts anticipate that Serve Robotics Inc. will post -0.98 EPS for the current year.

Hedge Funds Weigh In On Serve Robotics

A number of large investors have recently bought and sold shares of SERV. Geode Capital Management LLC increased its position in shares of Serve Robotics by 128.1% during the third quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock worth $1,041,000 after acquiring an additional 73,496 shares during the period. Tidal Investments LLC purchased a new stake in shares of Serve Robotics in the 3rd quarter worth $262,000. Harbour Capital Advisors LLC increased its stake in shares of Serve Robotics by 102.4% during the fourth quarter. Harbour Capital Advisors LLC now owns 50,365 shares of the company’s stock valued at $680,000 after buying an additional 25,475 shares during the period. Atomi Financial Group Inc. purchased a new position in shares of Serve Robotics during the fourth quarter valued at $209,000. Finally, SG Americas Securities LLC bought a new stake in shares of Serve Robotics in the fourth quarter valued at about $114,000.

Analysts Set New Price Targets

Separately, Northland Securities set a $23.00 price target on 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 assigned a strong buy rating to the company. According to MarketBeat.com, Serve Robotics has an average 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.