Serve Robotics (NASDAQ:SERV) CEO Ali Kashani Sells 16,170 Shares

Serve Robotics Inc. (NASDAQ:SERV) CEO Ali Kashani sold 16,170 shares of the company’s stock in a transaction that occurred on Thursday, November 6th. The stock was sold at an average price of $10.78, for a total transaction of $174,312.60. Following the transaction, the chief executive officer owned 3,391,592 shares in the company, valued at $36,561,361.76. The trade was a 0.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link.

Ali Kashani also recently made the following trade(s):

• On Wednesday, November 5th, Ali Kashani sold 13,310 shares of Serve Robotics stock. The shares were sold at an average price of $11.63, for a total transaction of $154,795.30.
• On Tuesday, October 7th, Ali Kashani sold 12,930 shares of Serve Robotics stock. The stock was sold at an average price of $15.08, for a total value of $194,984.40.
• On Monday, September 8th, Ali Kashani sold 164,735 shares of Serve Robotics stock. The shares were sold at an average price of $10.33, for a total transaction of $1,701,712.55.

Serve Robotics Stock Down 8.4%

NASDAQ:SERV opened at $10.70 on Friday. Serve Robotics Inc. has a 12-month low of $4.66 and a 12-month high of $24.35. The stock’s fifty day simple moving average is $12.90 and its 200-day simple moving average is $11.09. The firm has a market capitalization of $640.72 million, a P/E ratio of -9.30 and a beta of -0.80.

Serve Robotics (NASDAQ:SERV) last released its earnings results 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 company had revenue of $0.64 million during the quarter, compared to analyst estimates 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 expect that Serve Robotics Inc. will post -0.98 earnings per share for the current year.

Institutional Investors Weigh In On Serve Robotics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Capital Fund Management S.A. acquired a new position in shares of Serve Robotics during the 1st quarter worth about $4,244,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Serve Robotics by 616.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 679,014 shares of the company’s stock valued at $3,972,000 after purchasing an additional 584,302 shares during the last quarter. Geode Capital Management LLC grew its stake in Serve Robotics by 176.0% in the second quarter. Geode Capital Management LLC now owns 878,668 shares of the company’s stock valued at $10,054,000 after purchasing an additional 560,361 shares in the last quarter. Cubist Systematic Strategies LLC bought a new stake in shares of Serve Robotics during the 1st quarter worth approximately $2,064,000. Finally, Bank of America Corp DE increased its holdings in Serve Robotics by 157.9% during the second quarter. Bank of America Corp DE now owns 401,557 shares of the company’s stock worth $4,594,000 after buying an additional 245,858 shares during the last quarter.

Analysts Set New Price Targets

Several equities research analysts have commented on SERV shares. Seaport Res Ptn downgraded shares of Serve Robotics from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 11th. Northland Securities set a $26.00 price objective on Serve Robotics in a research note on Monday, October 13th. Wedbush assumed 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. Singular Research upgraded Serve Robotics to a “moderate buy” rating in a report on Tuesday, August 26th. Finally, Citigroup reissued an “outperform” rating on shares of Serve Robotics in a research note on Monday, October 13th. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.33.

Serve Robotics Company Profile

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.