Insider Selling: Serve Robotics (NASDAQ:SERV) COO Sells 6,300 Shares of Stock

Serve Robotics Inc. (NASDAQ:SERV) COO Touraj Parang sold 6,300 shares of the stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $11.87, for a total value of $74,781.00. Following the sale, the chief operating officer owned 1,338,691 shares of the company’s stock, valued at approximately $15,890,262.17. This represents a 0.47% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Touraj Parang also recently made the following trade(s):

• On Friday, December 12th, Touraj Parang sold 5,000 shares of Serve Robotics stock. The stock was sold at an average price of $13.07, for a total value of $65,350.00.
• On Thursday, November 6th, Touraj Parang sold 6,100 shares of Serve Robotics stock. The shares were sold at an average price of $10.74, for a total value of $65,514.00.
• On Wednesday, November 5th, Touraj Parang sold 9,500 shares of Serve Robotics stock. The shares were sold at an average price of $11.78, for a total value of $111,910.00.
• On Tuesday, October 7th, Touraj Parang sold 4,825 shares of Serve Robotics stock. The stock was sold at an average price of $15.25, for a total value of $73,581.25.

Serve Robotics Stock Down 9.6%

Shares of SERV traded down $1.16 during mid-day trading on Monday, hitting $10.97. 5,606,831 shares of the company traded hands, compared to its average volume of 8,099,161. The company has a market capitalization of $817.08 million, a PE ratio of -7.36 and a beta of -0.14. The business has a 50 day moving average of $12.33 and a 200 day moving average of $11.56. 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) earnings per share 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 analysts’ expectations of $0.69 million. Serve Robotics had a negative return on equity of 38.52% and a negative net margin of 4,121.58%. As a group, research analysts expect that Serve Robotics Inc. will post -0.98 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Wedbush assumed coverage on Serve Robotics in a research report on Wednesday, August 27th. They issued an “outperform” rating and a $15.00 target price on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Serve Robotics in a report on Monday, December 8th. Cantor Fitzgerald restated an “overweight” rating on shares of Serve Robotics in a research note on Monday, November 17th. Citigroup reiterated an “outperform” rating on shares of Serve Robotics in a research report on Monday, October 13th. Finally, Singular Research raised shares of Serve Robotics to a “moderate buy” rating in a research report on Tuesday, August 26th. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Serve Robotics presently has an average rating of “Moderate Buy” and a consensus target price of $19.33.

Hedge Funds Weigh In On Serve Robotics

Several institutional investors and hedge funds have recently modified their holdings of SERV. Farther Finance Advisors LLC purchased a new stake in shares of Serve Robotics in the third quarter worth about $27,000. Allworth Financial LP lifted its holdings in Serve Robotics by 316.7% in the second quarter. Allworth Financial LP now owns 3,900 shares of the company’s stock valued at $45,000 after acquiring an additional 2,964 shares during the period. SBI Securities Co. Ltd. boosted its position in Serve Robotics by 166.8% in the 3rd quarter. SBI Securities Co. Ltd. now owns 4,218 shares of the company’s stock worth $49,000 after purchasing an additional 2,637 shares in the last quarter. Ameritas Investment Partners Inc. purchased a new stake in Serve Robotics in the 2nd quarter worth approximately $55,000. Finally, Russell Investments Group Ltd. acquired a new stake in shares of Serve Robotics during the 3rd quarter worth approximately $59,000.

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.