Serve Robotics (NASDAQ:SERV) General Counsel Sells $308,711.22 in Stock

Serve Robotics Inc. (NASDAQ:SERV) General Counsel Evan Dunn sold 20,458 shares of Serve Robotics stock in a transaction dated Tuesday, October 7th. The stock was sold at an average price of $15.09, for a total value of $308,711.22. Following the sale, the general counsel directly owned 210,309 shares in the company, valued at approximately $3,173,562.81. The trade was a 8.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.

Evan Dunn also recently made the following trade(s):

• On Monday, August 25th, Evan Dunn sold 5,000 shares of Serve Robotics stock. The shares were sold at an average price of $10.01, for a total value of $50,050.00.
• On Tuesday, August 5th, Evan Dunn sold 2,015 shares of Serve Robotics stock. The shares were sold at an average price of $10.68, for a total value of $21,520.20.

Serve Robotics Stock Up 28.7%

Shares of Serve Robotics stock opened at $17.68 on Friday. The firm has a market cap of $1.06 billion, a P/E ratio of -15.37 and a beta of -0.70. Serve Robotics Inc. has a fifty-two week low of $4.66 and a fifty-two week high of $24.35. The business has a 50-day moving average price of $11.41 and a 200 day moving average price of $9.92.

Serve Robotics (NASDAQ:SERV) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.36) earnings per share 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 net margin of 3,726.00% and a negative return on equity of 36.47%. As a group, equities research analysts anticipate that Serve Robotics Inc. will post -0.98 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on SERV shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Serve Robotics in a report on Wednesday. Singular Research upgraded Serve Robotics to a “moderate buy” rating in a research note on Tuesday, August 26th. Seaport Res Ptn downgraded Serve Robotics from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 11th. Finally, Wedbush initiated coverage on Serve Robotics in a research note on Wednesday, August 27th. They issued an “outperform” rating and a $15.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $17.75.

Hedge Funds Weigh In On Serve Robotics

Hedge funds and other institutional investors have recently made changes to their positions in the business. Allworth Financial LP boosted its position in shares of Serve Robotics by 316.7% during the second quarter. Allworth Financial LP now owns 3,900 shares of the company’s stock worth $45,000 after buying an additional 2,964 shares during the period. Ameritas Investment Partners Inc. acquired a new position in shares of Serve Robotics during the second quarter worth approximately $55,000. Total Investment Management Inc. acquired a new position in shares of Serve Robotics during the second quarter worth approximately $76,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Serve Robotics during the first quarter worth approximately $49,000. Finally, KLP Kapitalforvaltning AS acquired a new position in shares of Serve Robotics during the first quarter worth approximately $49,000.

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.