Brian Read Sells 6,129 Shares of Serve Robotics (NASDAQ:SERV) Stock

Serve Robotics Inc. (NASDAQ:SERV) CFO Brian Read sold 6,129 shares of Serve Robotics stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $4.56, for a total transaction of $27,948.24. Following the completion of the transaction, the chief financial officer owned 285,702 shares in the company, valued at approximately $1,302,801.12. This trade represents a 2.10% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 stock was sold at an average price of $4.80, for a total value of $46,560.00.
• On Monday, August 17th, Brian Read sold 25,240 shares of Serve Robotics stock. The stock was sold at an average price of $5.24, for a total value of $132,257.60.
• On Wednesday, June 10th, Brian Read sold 1,496 shares of Serve Robotics stock. The stock was sold at an average price of $7.24, for a total value of $10,831.04.

Serve Robotics Stock Performance

NASDAQ SERV opened at $4.74 on Friday. The company’s 50 day moving average price is $5.67 and its 200 day moving average price is $7.92. Serve Robotics Inc. has a one year low of $4.32 and a one year high of $18.64. The firm has a market capitalization of $411.01 million, a price-to-earnings ratio of -1.93 and a beta of 1.34.

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

Hedge Funds Weigh In On Serve Robotics

A number of hedge funds have recently bought and sold shares of the company. BlackRock Inc. increased its holdings in Serve Robotics by 24.5% in the second quarter. BlackRock Inc. now owns 6,040,854 shares of the company’s stock valued at $39,749,000 after buying an additional 1,190,622 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Serve Robotics by 25.2% during the 3rd 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 last quarter. Geode Capital Management LLC lifted its holdings in Serve Robotics by 29.1% during the 4th 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 last quarter. Legal & General Group Plc acquired a new position in shares of Serve Robotics in the 2nd quarter worth approximately $8,410,000. Finally, State Street Corp increased its holdings in shares of Serve Robotics by 29.5% in the 4th quarter. State Street Corp now owns 1,245,411 shares of the company’s stock valued at $12,927,000 after acquiring an additional 283,497 shares during the last quarter.

Serve Robotics News Roundup

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

Analyst Ratings Changes

SERV has been the subject of several recent analyst reports. Cantor Fitzgerald downgraded Serve Robotics from an “overweight” rating to a “neutral” rating in a research note on Friday, August 7th. Freedom Capital upgraded Serve Robotics from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 14th. Guggenheim reduced their price target on Serve Robotics from $13.00 to $7.00 and set a “buy” rating for the company in a report on Monday, August 10th. LADENBURG THALM/SH SH raised their price objective on Serve Robotics from $15.00 to $16.60 and gave the company a “buy” rating in a research note on Wednesday, May 13th. Finally, Weiss Ratings raised 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 given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $14.80.

Serve Robotics Company Profile

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.