Serve Robotics (NASDAQ:SERV) Stock Price Down 1.6% - What's Next?

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s share price was down 1.6% on Friday . The stock traded as low as $10.60 and last traded at $10.78. Approximately 3,183,535 shares changed hands during trading, a decline of 69% from the average daily volume of 10,404,568 shares. The stock had previously closed at $10.95.

Analyst Upgrades and Downgrades

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

Serve Robotics Stock Performance

The company has a market capitalization of $614.28 million, a P/E ratio of -10.16 and a beta of 0.13. The company's fifty day simple moving average is $10.18 and its 200-day simple moving average is $11.20.

Insider Activity at Serve Robotics

In other Serve Robotics news, CFO Brian Read sold 2,000 shares of the stock in a transaction on Monday, June 9th. The stock was sold at an average price of $12.59, for a total transaction of $25,180.00. Following the sale, the chief financial officer owned 217,705 shares of the company's stock, valued at approximately $2,740,905.95. This trade represents a 0.91% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director David Michael Goldberg sold 10,700 shares of Serve Robotics stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $10.63, for a total value of $113,741.00. Following the completion of the transaction, the director owned 50,725 shares in the company, 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. Insiders sold a total of 69,174 shares of company stock valued at $586,163 in the last ninety days. Corporate insiders own 5.50% of the company's stock.

Institutional Investors Weigh In On Serve Robotics

A number of hedge funds have recently made changes to their positions in the stock. Goldman Sachs Group Inc. grew its stake in Serve Robotics by 280.4% in the first quarter. Goldman Sachs Group Inc. now owns 297,138 shares of the company's stock valued at $1,709,000 after purchasing an additional 219,018 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Serve Robotics by 616.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 679,014 shares of the company's stock worth $3,972,000 after buying an additional 584,302 shares during the last quarter. Bosun Asset Management LLC bought a new position in shares of Serve Robotics during the 1st quarter worth approximately $129,000. Cubist Systematic Strategies LLC purchased a new stake in Serve Robotics during the first quarter valued at approximately $2,064,000. Finally, PEAK6 LLC boosted its stake in Serve Robotics by 377.7% in the first quarter. PEAK6 LLC now owns 15,314 shares of the company's stock valued at $88,000 after acquiring an additional 20,829 shares in the last quarter.

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.