Serve Robotics (NASDAQ:SERV) Trading Down 2.8% - Here's What Happened

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) traded down 2.8% on Friday . The stock traded as low as $10.51 and last traded at $10.59. 1,240,219 shares were traded during mid-day trading, a decline of 88% from the average session volume of 10,156,267 shares. The stock had previously closed at $10.90.

Analysts Set New Price Targets

Separately, Cantor Fitzgerald started 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 issued a strong buy rating to the company's stock. Based on 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 1.5%

The stock has a market cap of $584.92 million, a PE ratio of -9.68 and a beta of 1.66. The company's 50 day moving average is $9.15 and its 200-day moving average is $11.34.

Insider Activity

In other news, CFO Brian Read sold 29,100 shares of the company's stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $7.06, for a total value of $205,446.00. Following 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 position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold 57,183 shares of company stock worth $458,440 over the last ninety days. Corporate insiders own 21.40% of the company's stock.

Institutional Trading of Serve Robotics

Hedge funds and other institutional investors have recently bought and sold shares of the company. Blue Trust Inc. bought a new position in Serve Robotics during the 4th quarter worth approximately $27,000. CIBC Private Wealth Group LLC acquired a new stake in shares of Serve Robotics during the 4th quarter valued at approximately $34,000. Mirae Asset Global Investments Co. Ltd. bought a new position in Serve Robotics during the first quarter worth $49,000. KLP Kapitalforvaltning AS bought a new position in Serve Robotics during the first quarter worth $49,000. Finally, Wells Fargo & Company MN boosted its holdings in Serve Robotics by 294.0% in the fourth quarter. Wells Fargo & Company MN now owns 10,855 shares of the company's stock worth $147,000 after purchasing an additional 8,100 shares during the period.

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.