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 Serve Robotics stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $12.59, for a total value of $25,180.00. Following the sale, the chief financial officer now directly owns 217,705 shares of the company’s stock, valued at $2,740,905.95. This trade represents a 0.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 stock was 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 stock was 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 shares were 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 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 Price Performance

Serve Robotics stock opened at $12.57 on Tuesday. The stock has a market capitalization of $716.58 million, a PE ratio of -11.86 and a beta of 1.67. Serve Robotics Inc. has a 12 month low of $1.82 and a 12 month high of $24.35. The business has a 50 day simple moving average of $8.08 and a 200-day simple moving average of $11.18.

Analysts Set New Price Targets

A number of research analysts have issued reports on SERV shares. Northland Securities set a $23.00 price target on Serve Robotics in a report on Tuesday, February 18th. Cantor Fitzgerald started coverage on Serve Robotics in a report on Thursday, May 22nd. They issued an “overweight” rating for the company. Three investment analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Strong Buy” and an average target price of $18.67.

Institutional Trading of Serve Robotics

A number of institutional investors and hedge funds have recently made changes to their positions in SERV. Blue Trust Inc. purchased a new stake in shares of Serve Robotics in the fourth quarter valued at approximately $27,000. CIBC Private Wealth Group LLC purchased a new stake in shares of Serve Robotics in the fourth quarter valued at approximately $34,000. Bogart Wealth LLC purchased a new stake in shares of Serve Robotics in the fourth quarter valued at approximately $37,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Serve Robotics in the first quarter valued at approximately $49,000. Finally, KLP Kapitalforvaltning AS purchased a new stake in shares of Serve Robotics in the first quarter valued at approximately $49,000.

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.