Serve Robotics (NASDAQ:SERV) Shares Down 2.3% - Should You Sell?

Shares of Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) dropped 2.3% during trading on Tuesday . The company traded as low as $11.63 and last traded at $11.66. Approximately 1,887,462 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 9,898,614 shares. The stock had previously closed at $11.94.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on SERV. Northland Securities set a $23.00 price objective on shares of Serve Robotics in a research note on Tuesday, February 18th. Cantor Fitzgerald assumed coverage on shares of Serve Robotics in a research report on Thursday, May 22nd. They set an "overweight" rating for the company. Three investment analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Strong Buy" and an average target price of $18.67.

Serve Robotics Stock Up 13.0%

The company's 50-day moving average is $7.80 and its two-hundred day moving average is $11.08. The company has a market capitalization of $738.24 million and a P/E ratio of -12.22.

Insiders Place Their Bets

In other Serve Robotics news, CFO Brian Read sold 3,000 shares of the firm's stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $12.15, for a total transaction of $36,450.00. Following the sale, the chief financial officer now owns 221,000 shares in the company, valued at $2,685,150. This trade represents a 1.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders sold a total of 58,164 shares of company stock valued at $455,198 in the last quarter. Corporate insiders own 5.50% of the company's stock.

Hedge Funds Weigh In On Serve Robotics

Several institutional investors have recently modified their holdings of the company. Uber Technologies Inc bought a new stake in Serve Robotics in the 4th quarter worth approximately $71,534,000. Raymond James Financial Inc. purchased a new position in shares of Serve Robotics during the fourth quarter worth approximately $1,978,000. Man Group plc bought a new stake in shares of Serve Robotics in the 4th quarter worth approximately $467,000. Geode Capital Management LLC boosted its stake in shares of Serve Robotics by 36.6% in the 4th quarter. Geode Capital Management LLC now owns 178,780 shares of the company's stock valued at $2,415,000 after purchasing an additional 47,927 shares in the last quarter. Finally, OMERS ADMINISTRATION Corp bought a new position in shares of Serve Robotics during the 4th quarter valued at $431,000.

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.