Serve Robotics (NASDAQ:SERV) Shares Down 3.1% - What's Next?

Shares of Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) traded down 3.1% during trading on Friday . The company traded as low as $10.28 and last traded at $10.30. 1,241,001 shares changed hands during trading, a decline of 88% from the average session volume of 10,424,119 shares. The stock had previously closed at $10.62.

Wall Street Analysts Forecast Growth

Separately, Cantor Fitzgerald initiated coverage on Serve Robotics in a report 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 given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Strong Buy" and an average price target of $18.67.

Serve Robotics Stock Performance

The firm's 50-day moving average price is $10.66 and its two-hundred day moving average price is $10.96. The firm has a market cap of $608.30 million, a PE ratio of -10.07 and a beta of 0.13.

Insiders Place Their Bets

In other Serve Robotics news, CFO Brian Read sold 2,000 shares of Serve Robotics stock in a transaction that occurred 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 transaction, the chief financial officer owned 217,705 shares of the company's stock, valued at $2,740,905.95. The trade was a 0.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director David Michael Goldberg sold 10,700 shares of the business's stock in a transaction that occurred 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 sale, the director owned 50,725 shares of the company's stock, valued at approximately $539,206.75. This represents a 17.42% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 66,751 shares of company stock valued at $572,318. 21.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Serve Robotics

Institutional investors have recently modified their holdings of the business. CIBC Private Wealth Group LLC purchased a new position in Serve Robotics during the 4th quarter worth $34,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Serve Robotics during the first quarter worth about $49,000. KLP Kapitalforvaltning AS purchased a new position in shares of Serve Robotics during the first quarter worth about $49,000. Wells Fargo & Company MN increased its position in Serve Robotics by 294.0% in the 4th quarter. Wells Fargo & Company MN now owns 10,855 shares of the company's stock valued at $147,000 after acquiring an additional 8,100 shares during the period. Finally, Charles Schwab Investment Management Inc. acquired a new stake in Serve Robotics during the 4th quarter worth approximately $151,000.

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.