Serve Robotics (NASDAQ:SERV) Shares Down 1.1% - What's Next?

Shares of Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) traded down 1.1% on Thursday . The company traded as low as $10.80 and last traded at $10.84. 1,321,827 shares traded hands during trading, a decline of 83% from the average session volume of 7,617,447 shares. The stock had previously closed at $10.95.

Analysts Set New Price Targets

Separately, Cantor Fitzgerald began coverage on Serve Robotics in a research note on Thursday, May 22nd. They issued an "overweight" rating for the company. Three investment analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Strong Buy" and an average price target of $18.67.

Serve Robotics Trading Down 1.8%

The firm has a market cap of $613.20 million, a P/E ratio of -10.15 and a beta of 0.13. The company's 50-day moving average is $10.01 and its two-hundred day moving average is $11.27.

Insider Activity at Serve Robotics

In other news, CFO Brian Read sold 2,000 shares of the stock in a transaction on Monday, June 9th. The shares were sold at an average price of $12.59, for a total value of $25,180.00. Following the transaction, the chief financial officer owned 217,705 shares of the company's stock, valued at $2,740,905.95. This represents a 0.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director David Michael Goldberg sold 10,700 shares of Serve Robotics stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $10.63, for a total transaction of $113,741.00. Following the sale, the director directly owned 50,725 shares of the company's stock, valued at $539,206.75. This represents a 17.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 69,174 shares of company stock valued at $586,163. Company insiders own 5.50% of the company's stock.

Hedge Funds Weigh In On Serve Robotics

A number of large investors have recently bought and sold shares of SERV. Oppenheimer & Co. Inc. purchased a new position in shares of Serve Robotics during the fourth quarter valued at about $280,000. Charles Schwab Investment Management Inc. purchased a new position in shares of Serve Robotics during the fourth quarter valued at approximately $151,000. Raymond James Financial Inc. bought a new stake in shares of Serve Robotics in the 4th quarter worth approximately $1,978,000. Clare Market Investments LLC bought a new stake in shares of Serve Robotics in the 4th quarter worth approximately $205,000. Finally, Prosperity Wealth Management Inc. bought a new position in shares of Serve Robotics during the fourth quarter valued at $232,000.

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.

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