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

Shares of Serve Robotics Inc. (NASDAQ:SERV) dropped 9.6% during mid-day trading on Wednesday following insider selling activity. The stock traded as low as $9.52 and last traded at $9.55. Approximately 6,170,544 shares changed hands during trading, a decline of 24% from the average daily volume of 8,078,231 shares. The stock had previously closed at $10.57.

Specifically, insider Anthony Armenta sold 5,003 shares of the company’s stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $11.96, for a total transaction 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. This represents a 0.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ali Kashani sold 16,730 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 value of $198,585.10. Following the completion of the transaction, the chief executive officer owned 3,374,862 shares of the company’s stock, valued at approximately $40,059,611.94. This trade represents a 0.49% decrease in their position. The SEC filing for this sale provides additional information. In other Serve Robotics news, COO Touraj Parang sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, December 12th. The shares were 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 of the company’s stock, valued at approximately $17,431,341.37. This trade represents a 0.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Wall Street Analysts Forecast Growth

SERV has been the subject of a number of analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Serve Robotics in a research note on Monday. Northland Securities set a $26.00 target price on shares of Serve Robotics in a report on Monday, October 13th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Serve Robotics in a report on Monday, November 17th. Wedbush began coverage on Serve Robotics in a research report on Wednesday, August 27th. They issued an “outperform” rating and a $15.00 price target for the company. Finally, Citigroup reissued an “outperform” rating on shares of Serve Robotics in a research note on Monday, October 13th. Four 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. According to MarketBeat, Serve Robotics presently has an average rating of “Moderate Buy” and an average price target of $19.33.

Serve Robotics Price Performance

The stock has a market cap of $711.28 million, a price-to-earnings ratio of -6.41 and a beta of -0.14. The stock has a fifty day moving average of $12.18 and a 200 day moving average of $11.55.

Serve Robotics (NASDAQ:SERV) last released its quarterly earnings data on Wednesday, November 12th. The company reported ($0.54) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.37) by ($0.17). Serve Robotics had a negative net margin of 4,121.58% and a negative return on equity of 38.52%. The company had revenue of $0.69 million for the quarter, compared to analysts’ expectations of $0.69 million. As a group, equities analysts expect that Serve Robotics Inc. will post -0.98 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Serve Robotics

Several large investors have recently bought and sold shares of SERV. First Trust Advisors LP purchased a new stake in Serve Robotics during the 3rd quarter worth about $8,840,000. Capital Fund Management S.A. purchased a new position in Serve Robotics in the first quarter worth $4,244,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Serve Robotics by 616.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 679,014 shares of the company’s stock valued at $3,972,000 after acquiring an additional 584,302 shares during the period. Geode Capital Management LLC boosted its position in shares of Serve Robotics by 176.0% in the 2nd quarter. Geode Capital Management LLC now owns 878,668 shares of the company’s stock worth $10,054,000 after buying an additional 560,361 shares in the last quarter. Finally, Vanguard Group Inc. lifted its stake in Serve Robotics by 25.2% in 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 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.