Serve Robotics (NASDAQ:SERV) COO Sells $65,514.00 in Stock

Serve Robotics Inc. (NASDAQ:SERV) COO Touraj Parang sold 6,100 shares of the company’s stock in a transaction that occurred on Thursday, November 6th. The stock was sold at an average price of $10.74, for a total transaction of $65,514.00. Following the completion of the transaction, the chief operating officer owned 1,344,991 shares in the company, valued at approximately $14,445,203.34. This represents a 0.45% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Touraj Parang also recently made the following trade(s):

• On Wednesday, November 5th, Touraj Parang sold 9,500 shares of Serve Robotics stock. The stock was sold at an average price of $11.78, for a total transaction of $111,910.00.
• On Tuesday, October 7th, Touraj Parang sold 4,825 shares of Serve Robotics stock. The stock was sold at an average price of $15.25, for a total transaction of $73,581.25.
• On Monday, September 8th, Touraj Parang sold 53,690 shares of Serve Robotics stock. The stock was sold at an average price of $10.35, for a total transaction of $555,691.50.

Serve Robotics Stock Down 8.4%

Shares of NASDAQ SERV traded down $0.98 during midday trading on Thursday, hitting $10.70. The stock had a trading volume of 5,900,610 shares, compared to its average volume of 8,224,430. The business’s 50 day moving average is $12.91 and its 200-day moving average is $11.09. The company has a market cap of $640.74 million, a P/E ratio of -9.30 and a beta of -0.80. Serve Robotics Inc. has a 52 week low of $4.66 and a 52 week high of $24.35.

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

Analyst Ratings Changes

A number of research analysts recently weighed in on SERV shares. Wedbush started coverage on shares of Serve Robotics in a research report on Wednesday, August 27th. They set an “outperform” rating and a $15.00 price objective on the stock. Seaport Res Ptn downgraded shares of Serve Robotics from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 11th. Northland Securities set a $26.00 price objective on shares of Serve Robotics in a research report on Monday, October 13th. Weiss Ratings restated a “sell (d-)” rating on shares of Serve Robotics in a research report on Wednesday, October 8th. Finally, Singular Research upgraded shares of Serve Robotics to a “moderate buy” rating in a research report on Tuesday, August 26th. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Serve Robotics currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.33.

Institutional Trading of Serve Robotics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SERV. Cambridge Investment Research Advisors Inc. increased its holdings in Serve Robotics by 82.4% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 18,966 shares of the company’s stock valued at $109,000 after buying an additional 8,566 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new stake in Serve Robotics during the first quarter valued at approximately $49,000. Phoenix Financial Ltd. purchased a new stake in Serve Robotics during the first quarter valued at approximately $87,000. Arkadios Wealth Advisors purchased a new stake in shares of Serve Robotics in the first quarter worth $74,000. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Serve Robotics by 13.8% in the first 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 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.