Insider Selling: Serve Robotics Inc. (NASDAQ:SERV) CFO Sells 1,291 Shares of Stock

Serve Robotics Inc. (NASDAQ:SERV) CFO Brian Read sold 1,291 shares of the firm’s stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $10.83, for a total value of $13,981.53. Following the completion of the sale, the chief financial officer directly owned 216,414 shares of the company’s stock, valued at approximately $2,343,763.62. The trade was a 0.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

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

• On Monday, June 9th, Brian Read sold 2,000 shares of Serve Robotics stock. The stock was sold at an average price of $12.59, for a total value of $25,180.00.
• On Friday, May 30th, Brian Read sold 1,295 shares of Serve Robotics stock. The shares were 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 shares were sold at an average price of $12.15, for a total transaction of $36,450.00.
• On Thursday, May 22nd, Brian Read sold 1,000 shares of Serve Robotics stock. The stock was sold at an average price of $11.52, for a total transaction 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 transaction of $79,655.00.
• On Friday, May 9th, Brian Read sold 7,000 shares of Serve Robotics stock. The stock was sold at an average price of $8.03, for a total transaction 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 Down 1.6%

Shares of Serve Robotics stock opened at $10.78 on Friday. The stock has a market capitalization of $614.28 million, a price-to-earnings ratio of -10.16 and a beta of 0.13. Serve Robotics Inc. has a twelve month low of $2.00 and a twelve month high of $24.35. The company has a 50-day simple moving average of $10.10 and a two-hundred day simple moving average of $11.24.

Institutional Investors Weigh In On Serve Robotics

A number of hedge funds and other institutional investors have recently made changes to their positions in SERV. Goldman Sachs Group Inc. grew its position in Serve Robotics by 280.4% during the first quarter. Goldman Sachs Group Inc. now owns 297,138 shares of the company’s stock worth $1,709,000 after buying an additional 219,018 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised 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 acquiring an additional 584,302 shares in the last quarter. Bosun Asset Management LLC bought a new stake in shares of Serve Robotics during the 1st quarter valued at $129,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Serve Robotics during the 1st quarter worth $2,064,000. Finally, PEAK6 LLC grew its holdings in shares of Serve Robotics by 377.7% during the 1st quarter. PEAK6 LLC now owns 15,314 shares of the company’s stock worth $88,000 after purchasing an additional 20,829 shares in the last quarter.

Analysts Set New Price Targets

Separately, Cantor Fitzgerald started coverage on Serve Robotics in a research note 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 issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Strong Buy” and an average price target of $18.67.

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.