Brian Read Sells 25,240 Shares of Serve Robotics (NASDAQ:SERV) Stock

Serve Robotics Inc. (NASDAQ:SERV) CFO Brian Read sold 25,240 shares of the business’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $5.24, for a total value of $132,257.60. Following the completion of the transaction, the chief financial officer directly owned 291,831 shares in the company, valued at $1,529,194.44. The trade was a 7.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

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

• On Wednesday, August 19th, Brian Read sold 9,700 shares of Serve Robotics stock. The shares were sold at an average price of $4.80, for a total value of $46,560.00.
• On Tuesday, August 18th, Brian Read sold 6,129 shares of Serve Robotics stock. The shares were sold at an average price of $4.56, for a total value of $27,948.24.
• On Wednesday, June 10th, Brian Read sold 1,496 shares of Serve Robotics stock. The shares were sold at an average price of $7.24, for a total value of $10,831.04.

Serve Robotics Stock Performance

Serve Robotics stock opened at $4.74 on Friday. The business’s fifty day moving average is $5.67 and its two-hundred day moving average is $7.92. The firm has a market cap of $411.01 million, a P/E ratio of -1.93 and a beta of 1.34. Serve Robotics Inc. has a 52 week low of $4.32 and a 52 week high of $18.64.

Serve Robotics (NASDAQ:SERV) last announced its earnings results on Thursday, August 6th. The company reported ($0.80) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.69) by ($0.11). Serve Robotics had a negative net margin of 2,315.80% and a negative return on equity of 55.34%. The business had revenue of $3.24 million during the quarter, compared to analyst estimates of $3.51 million. On average, equities research analysts predict that Serve Robotics Inc. will post -2.71 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have weighed in on SERV. Cantor Fitzgerald cut shares of Serve Robotics from an “overweight” rating to a “neutral” rating in a research report on Friday, August 7th. LADENBURG THALM/SH SH upped their target price on shares of 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 raised shares of Serve Robotics from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 14th. Guggenheim lowered their price target on shares of Serve Robotics from $13.00 to $7.00 and set a “buy” rating for the company in a report on Monday, August 10th. Finally, Weiss Ratings upgraded shares of Serve Robotics from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, July 21st. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $14.80.

Trending Headlines about Serve Robotics

Here are the key news stories impacting Serve Robotics this week:

• Positive Sentiment: Serve Robotics announced a partnership with Wonder to support autonomous food delivery using sidewalk robots. The deal adds another potential customer and distribution channel, which could increase utilization of SERV’s fleet and expand its commercial footprint. Wonder partners with Serve Robotics on autonomous delivery by sidewalk robots
• Positive Sentiment: Serve is also preparing to deploy its autonomous delivery robots through Grubhub. Access to Grubhub’s restaurant network could help SERV monetize its more than 2,000 robots and improve fleet utilization, although the financial impact has not yet been quantified. Serve Robotics to deploy its autonomous delivery robots with Grubhub
• Neutral Sentiment: Analyst commentary highlights the opportunity to turn SERV’s growing robot fleet into a revenue engine through higher utilization, partnerships and additional services. However, this is a growth thesis rather than evidence of near-term profitability, and Serve continues to face a highly competitive market. Can Serve Robotics Turn 2,000 Robots Into a Revenue Growth Engine?
• Negative Sentiment: Serve has lost its Uber Eats relationship and is turning to Grubhub, raising questions about customer concentration and the pace of revenue growth. Recent guidance concerns have also overshadowed the positive partnership announcements. Serve Robotics Turns to Grubhub After Losing Uber Eats Deal
• Negative Sentiment: CEO Ali Kashani, COO Touraj Parang and CFO Brian Read reported multiple share sales totaling roughly 124,000 shares in August. The filings say the sales were made to cover tax withholding on vested restricted stock units, and the executives retained significant stakes, but the cluster of transactions may weigh on sentiment. Serve Robotics CEO Sells Shares to Cover RSU Tax Withholding

Hedge Funds Weigh In On Serve Robotics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SERV. Wedbush Securities Inc. grew its position in shares of Serve Robotics by 52.7% during the 2nd quarter. Wedbush Securities Inc. now owns 31,130 shares of the company’s stock worth $205,000 after buying an additional 10,750 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Serve Robotics by 13.8% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 114,835 shares of the company’s stock valued at $756,000 after acquiring an additional 13,965 shares during the period. Bank of America Corp DE bought a new position in Serve Robotics during the 2nd quarter worth approximately $955,000. Jupiter Topco LLC bought a new position in Serve Robotics during the 2nd quarter worth approximately $187,000. Finally, EFG International AG acquired a new position in Serve Robotics during the second quarter valued at approximately $76,000.

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.