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

Serve Robotics Inc. (NASDAQ:SERV) shares fell 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 traded hands during trading, a decline of 24% from the average session 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 dated Monday, December 15th. The shares were sold at an average price of $11.96, for a total value of $59,835.88. Following the completion of the sale, the insider owned 555,034 shares of the company’s stock, valued at approximately $6,638,206.64. This represents a 0.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Ali Kashani sold 16,730 shares of Serve Robotics stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $11.87, for a total transaction of $198,585.10. Following the transaction, the chief executive officer directly owned 3,374,862 shares in the company, valued at $40,059,611.94. This trade represents a 0.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In other Serve Robotics news, COO Touraj Parang sold 5,000 shares of the business’s stock in a transaction dated Friday, December 12th. The shares were sold at an average price of $13.07, for a total value of $65,350.00. Following the transaction, the chief operating officer directly owned 1,333,691 shares in the company, valued at $17,431,341.37. The trade was a 0.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Wall Street Analysts Forecast Growth

SERV has been the subject of a number of recent analyst reports. Singular Research upgraded shares of Serve Robotics to a “moderate buy” rating in a report on Tuesday, August 26th. Oppenheimer initiated coverage on Serve Robotics in a research report on Thursday. They issued an “outperform” rating and a $20.00 price objective for the company. Wedbush started 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 reaffirmed a “sell (d-)” rating on shares of Serve Robotics in a research note on Monday. Finally, Northland Securities set a $26.00 price target on Serve Robotics in a report on Monday, October 13th. Five research 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. Based on data from MarketBeat.com, Serve Robotics currently has an average rating of “Moderate Buy” and a consensus price target of $19.50.

Serve Robotics Trading Up 6.0%

The company’s fifty day moving average is $11.95 and its two-hundred day moving average is $11.52. The stock has a market cap of $753.74 million, a price-to-earnings ratio of -6.79 and a beta of -0.14.

Serve Robotics (NASDAQ:SERV) last released 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). Serve Robotics had a negative return on equity of 38.52% and a negative net margin of 4,121.58%.The firm had revenue of $0.69 million for the quarter, compared to analyst estimates of $0.69 million. Analysts predict that Serve Robotics Inc. will post -0.98 EPS for the current year.

Hedge Funds Weigh In On Serve Robotics

Hedge funds have recently bought and sold shares of the company. First Trust Advisors LP acquired a new position in Serve Robotics during the 3rd quarter worth about $8,840,000. Capital Fund Management S.A. purchased a new stake in Serve Robotics during the first quarter worth about $4,244,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Serve Robotics by 616.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 679,014 shares of the company’s stock worth $3,972,000 after purchasing an additional 584,302 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Serve Robotics by 176.0% during the second quarter. Geode Capital Management LLC now owns 878,668 shares of the company’s stock worth $10,054,000 after purchasing an additional 560,361 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in shares of Serve Robotics by 25.2% in the third quarter. Vanguard Group Inc. now owns 2,594,869 shares of the company’s stock valued at $30,178,000 after purchasing an additional 521,945 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.