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

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

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 value 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 value of $205,446.00.

Serve Robotics Stock Performance

SERV stock opened at $8.90 on Wednesday. Serve Robotics Inc. has a fifty-two week low of $1.77 and a fifty-two week high of $24.35. The business’s 50 day moving average price is $6.43 and its two-hundred day moving average price is $10.92. The company has a market capitalization of $507.36 million and a price-to-earnings ratio of -8.40.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Uber Technologies Inc purchased a new position in shares of Serve Robotics during the 4th quarter worth approximately $71,534,000. Raymond James Financial Inc. purchased a new position in shares of Serve Robotics during the 4th quarter worth approximately $1,978,000. Exchange Traded Concepts LLC purchased a new position in shares of Serve Robotics during the 4th quarter worth approximately $9,066,000. Geode Capital Management LLC grew its holdings in shares of Serve Robotics by 36.6% during the 4th quarter. Geode Capital Management LLC now owns 178,780 shares of the company’s stock worth $2,415,000 after acquiring an additional 47,927 shares during the period. Finally, Atomi Financial Group Inc. purchased a new position in shares of Serve Robotics during the 4th quarter worth approximately $209,000.

Analyst Ratings Changes

Separately, Northland Securities set a $23.00 price target on Serve Robotics in a 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’s stock. According to data from MarketBeat.com, Serve Robotics currently has a consensus rating of “Strong Buy” and an average target price 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.