Serve Robotics (NASDAQ:SERV) Trading Down 9.6% on Insider Selling

Serve Robotics Inc. (NASDAQ:SERV)’s stock price traded down 9.6% during trading on Wednesday following insider selling activity. The company traded as low as $9.52 and last traded at $9.55. 6,170,544 shares changed 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 stock in a transaction on Monday, December 15th. The stock was sold at an average price of $11.96, for a total value of $59,835.88. Following the transaction, the insider directly owned 555,034 shares in the company, valued at approximately $6,638,206.64. This trade represents a 0.89% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ali Kashani sold 16,730 shares of the firm’s stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $11.87, for a total transaction of $198,585.10. Following the completion of the transaction, the chief executive officer directly owned 3,374,862 shares in the company, valued at approximately $40,059,611.94. The trade was a 0.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In other news, COO Touraj Parang sold 5,000 shares of the firm’s stock in a transaction on Friday, December 12th. The stock was 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. This trade represents a 0.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on SERV. Weiss Ratings reiterated a “sell (d-)” rating on shares of Serve Robotics in a research report on Monday. Citigroup reissued an “outperform” rating on shares of Serve Robotics in a research report on Monday, October 13th. Wedbush began coverage on Serve Robotics in a research note on Wednesday, August 27th. They set an “outperform” rating and a $15.00 target price for the company. Singular Research upgraded shares of Serve Robotics to a “moderate buy” rating in a research note on Tuesday, August 26th. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Serve Robotics in a research report on Monday, November 17th. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Serve Robotics has an average rating of “Moderate Buy” and a consensus price target of $19.33.

Serve Robotics Trading Down 9.6%

The company has a market cap of $711.28 million, a P/E ratio of -6.41 and a beta of -0.14. The firm has a 50-day moving average of $12.18 and a 200 day moving average of $11.55.

Serve Robotics (NASDAQ:SERV) last released its earnings results on Wednesday, November 12th. The company reported ($0.54) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.37) by ($0.17). Serve Robotics had a negative net margin of 4,121.58% and a negative return on equity of 38.52%. The company had revenue of $0.69 million for the quarter, compared to analyst estimates of $0.69 million. On average, equities analysts predict that Serve Robotics Inc. will post -0.98 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vontobel Holding Ltd. increased its stake in Serve Robotics by 6.7% in the 3rd quarter. Vontobel Holding Ltd. now owns 22,427 shares of the company’s stock valued at $261,000 after buying an additional 1,417 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in 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 in the last quarter. Creative Planning lifted its stake in Serve Robotics by 14.5% in the 3rd quarter. Creative Planning now owns 14,800 shares of the company’s stock worth $172,000 after purchasing an additional 1,877 shares in the last quarter. Phoenix Financial Ltd. grew its holdings in shares of Serve Robotics by 13.3% during the third quarter. Phoenix Financial Ltd. now owns 17,000 shares of the company’s stock worth $198,000 after purchasing an additional 2,000 shares in the last quarter. Finally, Thoroughbred Financial Services LLC increased its stake in Serve Robotics by 9.0% in the third quarter. Thoroughbred Financial Services LLC now owns 24,250 shares of the company’s stock valued at $282,000 after acquiring an additional 2,000 shares during 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.