Serve Robotics (NASDAQ:SERV) Trading Down 6.4% Following Insider Selling

Serve Robotics Inc. (NASDAQ:SERV)’s stock price dropped 6.4% on Friday after an insider sold shares in the company. The company traded as low as $6.96 and last traded at $6.9650. Approximately 4,132,492 shares changed hands during trading, a decline of 19% from the average daily volume of 5,080,755 shares. The stock had previously closed at $7.44.

Specifically, CEO Ali Kashani sold 15,885 shares of the company’s stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $7.24, for a total transaction of $115,007.40. Following the sale, the chief executive officer owned 3,278,091 shares of the company’s stock, valued at approximately $23,733,378.84. This represents a 0.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Touraj Parang sold 4,219 shares of the company’s stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $7.24, for a total value of $30,545.56. Following the sale, the chief operating officer directly owned 1,298,244 shares in the company, valued at $9,399,286.56. This represents a 0.32% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Analysts Set New Price Targets

SERV has been the topic of a number of recent research reports. Weiss Ratings lowered Serve Robotics from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, June 2nd. Cantor Fitzgerald cut their price objective on Serve Robotics from $17.00 to $16.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 17th. LADENBURG THALM/SH SH upped their price objective on Serve Robotics from $15.00 to $16.60 and gave the stock a “buy” rating in a research report on Wednesday, May 13th. Freedom Capital lowered Serve Robotics from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 13th. Finally, Guggenheim initiated coverage on Serve Robotics in a research report on Monday, April 20th. They set a “buy” rating and a $13.00 price objective on the stock. Seven equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $17.51.

Serve Robotics Stock Down 6.4%

The firm has a fifty day simple moving average of $8.75 and a 200-day simple moving average of $10.13. The company has a market cap of $538.88 million, a PE ratio of -3.46 and a beta of 0.53.

Serve Robotics (NASDAQ:SERV) last announced its earnings results on Thursday, May 7th. The company reported ($0.65) earnings per share for the quarter, missing the consensus estimate of ($0.57) by ($0.08). Serve Robotics had a negative return on equity of 47.31% and a negative net margin of 2,639.98%.The business had revenue of $2.98 million for the quarter, compared to analyst estimates of $2.83 million. Equities research analysts forecast that Serve Robotics Inc. will post -2.64 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Serve Robotics

Several hedge funds have recently made changes to their positions in SERV. First Trust Advisors LP acquired a new stake in shares of Serve Robotics during the third quarter worth about $8,840,000. Vanguard Group Inc. boosted its stake in shares of Serve Robotics by 25.2% during the third quarter. Vanguard Group Inc. now owns 2,594,869 shares of the company’s stock worth $30,178,000 after buying an additional 521,945 shares during the period. Creek Drive Management Group LLC acquired a new stake in shares of Serve Robotics during the fourth quarter worth about $4,912,000. Geode Capital Management LLC boosted its stake in shares of Serve Robotics by 29.1% during the fourth quarter. Geode Capital Management LLC now owns 1,457,965 shares of the company’s stock worth $15,137,000 after buying an additional 328,405 shares during the period. Finally, Grange Capital LLC acquired a new stake in shares of Serve Robotics during the first quarter worth about $2,426,000.

About Serve Robotics

Serve Robotics develops and operates autonomous sidewalk delivery robots designed to transform last-mile logistics for restaurants, retailers and grocery brands. By combining proprietary hardware, sensor suites and dispatch software, the company enables on-demand deliveries of food, beverages and consumer goods while minimizing reliance on traditional vehicle fleets.

The core Serve robot integrates four-wheeled mobility, LiDAR and vision cameras with AI-driven navigation algorithms to detect obstacles, traverse urban sidewalks and interact safely with pedestrians.