Insider Selling: Serve Robotics (NASDAQ:SERV) Director Sells $67,900.00 in Stock

Serve Robotics Inc. (NASDAQ:SERV) Director David Michael Goldberg sold 5,000 shares of the company’s stock in a transaction dated Wednesday, September 24th. The stock was sold at an average price of $13.58, for a total transaction of $67,900.00. Following the sale, the director directly owned 45,725 shares in the company, valued at $620,945.50. This represents a 9.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Serve Robotics Trading Down 2.7%

NASDAQ:SERV opened at $11.68 on Friday. The stock has a market capitalization of $699.40 million, a P/E ratio of -10.16 and a beta of -0.19. Serve Robotics Inc. has a 1 year low of $4.66 and a 1 year high of $24.35. The firm has a 50 day moving average of $10.95 and a 200-day moving average of $9.54.

Serve Robotics (NASDAQ:SERV) last released its quarterly earnings results on Thursday, August 7th. The company reported ($0.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.13). Serve Robotics had a negative net margin of 3,726.00% and a negative return on equity of 36.47%. The business had revenue of $0.64 million for the quarter, compared to analyst estimates of $0.63 million. As a group, analysts forecast that Serve Robotics Inc. will post -0.98 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently issued reports on SERV. Wedbush began coverage on shares of Serve Robotics in a research report on Wednesday, August 27th. They set an “outperform” rating and a $15.00 price target on the stock. Singular Research raised shares of Serve Robotics to a “moderate buy” rating in a report on Tuesday, August 26th. Finally, Seaport Res Ptn cut Serve Robotics from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, Serve Robotics has an average rating of “Buy” and an average price target of $17.75.

Institutional Trading of Serve Robotics

Hedge funds have recently added to or reduced their stakes in the business. Exchange Traded Concepts LLC lifted its position in Serve Robotics by 12.9% during the 2nd quarter. Exchange Traded Concepts LLC now owns 996,283 shares of the company’s stock worth $11,397,000 after buying an additional 113,761 shares in the last quarter. Geode Capital Management LLC grew its stake in Serve Robotics by 176.0% in the second quarter. Geode Capital Management LLC now owns 878,668 shares of the company’s stock valued at $10,054,000 after purchasing an additional 560,361 shares in the last quarter. Capital Fund Management S.A. bought a new stake in shares of Serve Robotics during the 1st quarter worth approximately $4,244,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Serve Robotics by 6.3% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 721,826 shares of the company’s stock valued at $8,258,000 after buying an additional 42,812 shares during the last quarter. Finally, Legal & General Group Plc grew its stake in shares of Serve Robotics by 14.9% in the second quarter. Legal & General Group Plc now owns 693,929 shares of the company’s stock valued at $7,261,000 after buying an additional 89,809 shares in the last quarter.

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.