Serve Robotics Inc. (NASDAQ:SERV) CFO Brian Read Sells 7,000 Shares

Serve Robotics Inc. (NASDAQ:SERV) CFO Brian Read sold 7,000 shares of Serve Robotics stock in a transaction on Friday, May 9th. The stock was sold at an average price of $8.03, for a total transaction of $56,210.00. Following the completion of the transaction, the chief financial officer now directly owns 233,900 shares in the company, valued at $1,878,217. This represents a 2.91 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Brian Read also recently made the following trade(s):

• On Friday, May 2nd, Brian Read sold 29,100 shares of Serve Robotics stock. The shares were sold at an average price of $7.06, for a total value of $205,446.00.

Serve Robotics Stock Up 13.7 %

Shares of NASDAQ SERV opened at $7.46 on Friday. Serve Robotics Inc. has a 52 week low of $1.77 and a 52 week high of $24.35. The firm has a market cap of $425.27 million and a P/E ratio of -6.22. The business’s 50 day moving average price is $6.40 and its 200 day moving average price is $10.91.

Serve Robotics (NASDAQ:SERV) last released its quarterly earnings data on Thursday, May 8th. The company reported ($0.23) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.02). The business had revenue of $0.44 million during the quarter, compared to analyst estimates of $0.49 million. Serve Robotics had a negative return on equity of 184.60% and a negative net margin of 1,972.12%. As a group, research analysts expect that Serve Robotics Inc. will post -0.98 earnings per share for the current year.

Analyst Upgrades and Downgrades

Separately, Northland Securities set a $23.00 target price on shares of Serve Robotics in a research note on Tuesday, February 18th. Two investment analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Strong Buy” and a consensus target price of $19.50.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. increased its position in shares of Serve Robotics by 13.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 12,728 shares of the company’s stock worth $73,000 after purchasing an additional 1,545 shares during the last quarter. Arkadios Wealth Advisors purchased a new stake in shares of Serve Robotics in the 1st quarter valued at approximately $74,000. Phoenix Financial Ltd. acquired a new position in shares of Serve Robotics in the 1st quarter worth approximately $87,000. KLP Kapitalforvaltning AS purchased a new position in shares of Serve Robotics during the 1st quarter worth approximately $49,000. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new stake in Serve Robotics in the 1st quarter valued at approximately $49,000.

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.