Serve Robotics (NASDAQ:SERV) Trading Down 2.3% - What's Next?

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

Wall Street Analyst Weigh In

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

Serve Robotics Stock Up 4.4%

The company has a market cap of $687.50 million and a price-to-earnings ratio of -11.38. The firm has a 50-day simple moving average of $7.69 and a 200 day simple moving average of $11.06.

Insider Transactions at Serve Robotics

In other news, CFO Brian Read sold 29,100 shares of the stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $7.06, for a total transaction of $205,446.00. Following the completion of the sale, the chief financial officer now owns 240,900 shares in the company, valued at approximately $1,700,754. This represents a 10.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Over the last ninety days, insiders have sold 58,164 shares of company stock worth $455,198. Insiders own 5.50% of the company's stock.

Institutional Trading of Serve Robotics

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Blue Trust Inc. purchased a new position in shares of Serve Robotics in the 4th quarter valued at approximately $27,000. CIBC Private Wealth Group LLC acquired a new stake in shares of Serve Robotics during the fourth quarter worth $34,000. Bogart Wealth LLC purchased a new position in Serve Robotics in the 4th quarter valued at $37,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in Serve Robotics in the 1st quarter valued at $49,000. Finally, KLP Kapitalforvaltning AS purchased a new position in Serve Robotics during the 1st quarter worth $49,000.

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.