Serve Robotics (NASDAQ:SERV) Stock Price Down 9.6% Following Insider Selling

Serve Robotics Inc. (NASDAQ:SERV)’s stock price was down 9.6% on Monday after an insider sold shares in the company. The stock traded as low as $10.91 and last traded at $10.97. Approximately 5,595,057 shares traded hands during mid-day trading, a decline of 31% from the average daily volume of 8,099,161 shares. The stock had previously closed at $12.13.

Specifically, CEO Ali Kashani sold 16,730 shares of Serve Robotics stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $11.87, for a total transaction of $198,585.10. Following the sale, the chief executive officer owned 3,374,862 shares of the company’s stock, valued at $40,059,611.94. The trade was a 0.49% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Touraj Parang sold 5,000 shares of the business’s stock in a transaction on Friday, December 12th. The stock was sold at an average price of $13.07, for a total transaction of $65,350.00. Following the completion of the transaction, the chief operating officer owned 1,333,691 shares in the company, valued at $17,431,341.37. This represents a 0.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In other news, COO Touraj Parang sold 6,300 shares of the firm’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $11.87, for a total transaction of $74,781.00. Following the completion of the sale, the chief operating officer directly owned 1,338,691 shares in the company, valued at $15,890,262.17. This trade represents a 0.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on SERV shares. Citigroup reiterated an “outperform” rating on shares of Serve Robotics in a research note on Monday, October 13th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Serve Robotics in a research report on Monday, November 17th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Serve Robotics in a research note on Monday, December 8th. Singular Research upgraded shares of Serve Robotics to a “moderate buy” rating in a research note on Tuesday, August 26th. Finally, Northland Securities set a $26.00 price target on shares of Serve Robotics in a report on Monday, October 13th. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $19.33.

Serve Robotics Stock Performance

The company has a market cap of $817.08 million, a P/E ratio of -7.36 and a beta of -0.14. The business has a fifty day simple moving average of $12.33 and a 200 day simple moving average of $11.56.

Serve Robotics (NASDAQ:SERV) last posted its quarterly earnings results on Wednesday, November 12th. The company reported ($0.54) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.37) by ($0.17). The firm 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 research analysts expect that Serve Robotics Inc. will post -0.98 EPS for the current year.

Institutional Inflows and Outflows

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

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.