Serve Robotics (NASDAQ:SERV) COO Touraj Parang Sells 6,100 Shares

Serve Robotics Inc. (NASDAQ:SERV) COO Touraj Parang sold 6,100 shares of Serve Robotics stock in a transaction on Thursday, November 6th. The stock was sold at an average price of $10.74, for a total transaction of $65,514.00. Following the sale, the chief operating officer directly owned 1,344,991 shares of the company’s stock, valued at $14,445,203.34. This represents a 0.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Touraj Parang also recently made the following trade(s):

• On Wednesday, November 5th, Touraj Parang sold 9,500 shares of Serve Robotics stock. The shares were sold at an average price of $11.78, for a total value of $111,910.00.
• On Tuesday, October 7th, Touraj Parang sold 4,825 shares of Serve Robotics stock. The shares were sold at an average price of $15.25, for a total value of $73,581.25.
• On Monday, September 8th, Touraj Parang sold 53,690 shares of Serve Robotics stock. The stock was sold at an average price of $10.35, for a total value of $555,691.50.

Serve Robotics Trading Down 8.4%

Shares of NASDAQ SERV opened at $10.70 on Friday. The stock’s 50-day moving average is $12.90 and its 200 day moving average is $11.09. The stock has a market cap of $640.72 million, a price-to-earnings ratio of -9.30 and a beta of -0.80. Serve Robotics Inc. has a 1-year low of $4.66 and a 1-year high of $24.35.

Serve Robotics (NASDAQ:SERV) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.13). The business had revenue of $0.64 million for 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%. On average, analysts forecast that Serve Robotics Inc. will post -0.98 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have weighed in on SERV. Singular Research raised shares of Serve Robotics to a “moderate buy” rating in a research note on Tuesday, August 26th. Citigroup restated an “outperform” rating on shares of Serve Robotics in a report on Monday, October 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Serve Robotics in a research note on Wednesday. Seaport Res Ptn downgraded Serve Robotics from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 11th. Finally, Wedbush assumed coverage on Serve Robotics in a research note on Wednesday, August 27th. They set an “outperform” rating and a $15.00 price objective for the company. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Serve Robotics currently has an average rating of “Moderate Buy” and a consensus target price of $19.33.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Farther Finance Advisors LLC purchased a new stake in Serve Robotics in the 3rd quarter worth approximately $27,000. Allworth Financial LP increased its stake 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 valued at $45,000 after buying an additional 2,964 shares during the period. KLP Kapitalforvaltning AS bought a new position in shares of Serve Robotics during the first quarter valued at approximately $49,000. SBI Securities Co. Ltd. lifted its stake in Serve Robotics by 166.8% in the third quarter. SBI Securities Co. Ltd. now owns 4,218 shares of the company’s stock worth $49,000 after acquiring an additional 2,637 shares during the period. Finally, Ameritas Investment Partners Inc. purchased a new stake in Serve Robotics in the second quarter worth $55,000.

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.