Anthony Armenta Sells 5,003 Shares of Serve Robotics (NASDAQ:SERV) Stock

Serve Robotics Inc. (NASDAQ:SERV) insider Anthony Armenta sold 5,003 shares of Serve Robotics stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $11.96, for a total value of $59,835.88. Following the completion of the transaction, the insider owned 555,034 shares in the company, valued at $6,638,206.64. The trade was a 0.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Anthony Armenta also recently made the following trade(s):

• On Friday, November 14th, Anthony Armenta sold 49,082 shares of Serve Robotics stock. The shares were sold at an average price of $9.32, for a total value of $457,444.24.
• On Wednesday, November 5th, Anthony Armenta sold 3,545 shares of Serve Robotics stock. The stock was sold at an average price of $11.63, for a total value of $41,228.35.

Serve Robotics Trading Down 9.6%

SERV opened at $9.55 on Thursday. The business has a 50 day moving average of $12.10 and a 200-day moving average of $11.53. The stock has a market capitalization of $711.28 million, a price-to-earnings ratio of -6.41 and a beta of -0.14. Serve Robotics Inc. has a 1-year low of $4.66 and a 1-year high of $24.35.

Serve Robotics (NASDAQ:SERV) last released its earnings results on Wednesday, November 12th. The company reported ($0.54) EPS for the quarter, missing the consensus estimate of ($0.37) by ($0.17). The company had revenue of $0.69 million for the quarter, compared to analyst estimates of $0.69 million. Serve Robotics had a negative net margin of 4,121.58% and a negative return on equity of 38.52%. Equities analysts predict that Serve Robotics Inc. will post -0.98 EPS for the current year.

Wall Street Analyst Weigh In

SERV has been the topic of a number of recent research reports. Oppenheimer initiated coverage on Serve Robotics in a research report on Thursday. They set an “outperform” rating on the stock. Citigroup restated an “outperform” rating on shares of Serve Robotics in a research report on Monday, October 13th. Singular Research raised Serve Robotics to a “moderate buy” rating in a research report on Tuesday, August 26th. Northland Securities set a $26.00 price target on shares of Serve Robotics in a report on Monday, October 13th. Finally, Wedbush started coverage on shares of Serve Robotics in a report on Wednesday, August 27th. They set an “outperform” rating and a $15.00 price objective for the company. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Serve Robotics presently has a consensus rating of “Moderate Buy” and an average target price of $19.33.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in shares of Serve Robotics by 25.2% during the third quarter. Vanguard Group Inc. now owns 2,594,869 shares of the company’s stock valued at $30,178,000 after acquiring an additional 521,945 shares during the period. Exchange Traded Concepts LLC lifted its holdings in Serve Robotics by 11.3% during the 3rd quarter. Exchange Traded Concepts LLC now owns 1,109,001 shares of the company’s stock valued at $12,898,000 after purchasing an additional 112,718 shares during the last quarter. Geode Capital Management LLC boosted its position 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 buying an additional 560,361 shares in the last quarter. First Trust Advisors LP bought a new stake in Serve Robotics during the third quarter worth about $8,840,000. Finally, Legal & General Group Plc grew its stake in Serve Robotics by 8.3% during the third quarter. Legal & General Group Plc now owns 751,834 shares of the company’s stock worth $8,816,000 after buying an additional 57,905 shares during the last quarter.

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.