Serve Robotics (NASDAQ:SERV) Insider Sells $41,228.35 in Stock

Serve Robotics Inc. (NASDAQ:SERV) insider Anthony Armenta sold 3,545 shares of the firm’s stock in a transaction that occurred on Wednesday, November 5th. The stock was sold at an average price of $11.63, for a total transaction of $41,228.35. Following the sale, the insider directly owned 609,119 shares of the company’s stock, valued at approximately $7,084,053.97. This trade represents a 0.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Serve Robotics Stock Down 0.1%

Serve Robotics stock opened at $10.69 on Friday. Serve Robotics Inc. has a 12-month low of $4.66 and a 12-month high of $24.35. The firm’s fifty day moving average is $12.89 and its 200 day moving average is $11.12. The company has a market capitalization of $640.12 million, a PE ratio of -9.30 and a beta of -0.80.

Serve Robotics (NASDAQ:SERV) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.13). Serve Robotics had a negative return on equity of 36.47% and a negative net margin of 3,726.00%.The company had revenue of $0.64 million during the quarter, compared to analyst estimates of $0.63 million. Sell-side analysts expect that Serve Robotics Inc. will post -0.98 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on SERV shares. Seaport Res Ptn downgraded Serve Robotics from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Serve Robotics in a report on Wednesday. Singular Research raised Serve Robotics to a “moderate buy” rating in a research note on Tuesday, August 26th. Citigroup restated an “outperform” rating on shares of Serve Robotics in a report on Monday, October 13th. Finally, Northland Securities set a $26.00 target price on Serve Robotics in a report on Monday, October 13th. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Serve Robotics presently has an average rating of “Moderate Buy” and an average target price of $19.33.

Institutional Trading of Serve Robotics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Capital Fund Management S.A. bought a new position in shares of Serve Robotics in the first quarter valued at approximately $4,244,000. Virtu Financial LLC grew its holdings in Serve Robotics by 71.5% during the first quarter. Virtu Financial LLC now owns 59,054 shares of the company’s stock worth $340,000 after buying an additional 24,614 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Serve Robotics by 616.9% in 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 buying an additional 584,302 shares during the last quarter. Vontobel Holding Ltd. purchased a new stake in Serve Robotics in the 2nd quarter valued at $240,000. Finally, Exchange Traded Concepts LLC lifted its stake in Serve Robotics by 12.9% during the 2nd quarter. Exchange Traded Concepts LLC now owns 996,283 shares of the company’s stock valued at $11,397,000 after acquiring an additional 113,761 shares in the last quarter.

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.