Serve Robotics (NASDAQ:SERV) Stock Price Down 3.6% Following Insider Selling

Serve Robotics Inc. (NASDAQ:SERV) shares were down 3.6% on Tuesday following insider selling activity. The stock traded as low as $10.42 and last traded at $10.57. Approximately 4,880,708 shares were traded during mid-day trading, a decline of 40% from the average daily volume of 8,086,046 shares. The stock had previously closed at $10.97.

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

Wall Street Analysts Forecast Growth

SERV has been the topic of a number of recent analyst reports. Singular Research raised shares of Serve Robotics to a “moderate buy” rating in a report on Tuesday, August 26th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Serve Robotics in a research note on Monday, November 17th. Northland Securities set a $26.00 price target on shares of Serve Robotics in a report on Monday, October 13th. Wedbush assumed coverage on shares of Serve Robotics in a report on Wednesday, August 27th. They issued an “outperform” rating and a $15.00 price target on the stock. Finally, Citigroup reissued an “outperform” rating on shares of Serve Robotics in a research note on Monday, October 13th. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Serve Robotics currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.33.

Serve Robotics Trading Down 3.9%

The stock has a fifty day moving average of $12.26 and a two-hundred day moving average of $11.55. The company has a market capitalization of $785.02 million, a PE ratio of -7.07 and a beta of -0.10.

Serve Robotics (NASDAQ:SERV) last issued its quarterly earnings results on Wednesday, November 12th. The company reported ($0.54) EPS for the quarter, missing analysts’ consensus estimates of ($0.37) by ($0.17). The business had revenue of $0.69 million for the quarter, compared to the consensus estimate 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 forecast that Serve Robotics Inc. will post -0.98 EPS for the current year.

Hedge Funds Weigh In On Serve Robotics

A number of large investors have recently added to or reduced their stakes in SERV. Farther Finance Advisors LLC bought a new stake in Serve Robotics in the third quarter worth $27,000. Allworth Financial LP lifted its stake in shares of Serve Robotics by 316.7% in the 2nd 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 last quarter. SBI Securities Co. Ltd. lifted its stake in shares of Serve Robotics by 166.8% in the 3rd quarter. SBI Securities Co. Ltd. now owns 4,218 shares of the company’s stock valued at $49,000 after acquiring an additional 2,637 shares during the last quarter. Ameritas Investment Partners Inc. purchased a new stake in Serve Robotics during the 2nd quarter valued at about $55,000. Finally, Russell Investments Group Ltd. bought a new position in Serve Robotics during the 3rd quarter worth approximately $59,000.

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.