Serve Robotics (NASDAQ:SERV) Shares Down 3.1% - Here's What Happened

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

Analyst Upgrades and Downgrades

Separately, Cantor Fitzgerald began coverage on Serve Robotics in a research report on Thursday, May 22nd. They set an "overweight" rating for the company. Three research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, Serve Robotics currently has an average rating of "Strong Buy" and an average target price of $18.67.

Serve Robotics Stock Down 3.0%

The firm has a market cap of $587.49 million, a price-to-earnings ratio of -9.71 and a beta of 0.13. The firm has a 50 day moving average of $10.52 and a 200 day moving average of $11.10.

Insider Activity at Serve Robotics

In related news, Director David Michael Goldberg sold 10,700 shares of the business's stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $10.63, for a total transaction of $113,741.00. Following the transaction, the director owned 50,725 shares in the company, valued at $539,206.75. The trade was a 17.42% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Brian Read sold 2,000 shares of the firm's 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 completion of the sale, 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 disclosure for this sale can be found here. In the last ninety days, insiders have sold 66,751 shares of company stock valued at $572,318. Insiders own 5.50% of the company's stock.

Institutional Investors Weigh In On Serve Robotics

Hedge funds and other institutional investors have recently modified their holdings of the company. Charles Schwab Investment Management Inc. increased its holdings in Serve Robotics by 13.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 12,728 shares of the company's stock worth $73,000 after purchasing an additional 1,545 shares in the last quarter. CIBC Private Wealth Group LLC purchased a new position in Serve Robotics in the fourth quarter valued at approximately $34,000. Jefferies Financial Group Inc. increased its holdings in Serve Robotics by 30.3% in the 4th quarter. Jefferies Financial Group Inc. now owns 17,200 shares of the company's stock worth $232,000 after acquiring an additional 4,000 shares during the last quarter. PFG Investments LLC raised its position in shares of Serve Robotics by 12.3% in the first quarter. PFG Investments LLC now owns 36,498 shares of the company's stock valued at $210,000 after purchasing an additional 4,000 shares during the period. Finally, DnB Asset Management AS raised its holdings in Serve Robotics by 52.3% during the 4th quarter. DnB Asset Management AS now owns 21,356 shares of the company's stock valued at $288,000 after acquiring an additional 7,336 shares during the period.

About Serve Robotics

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.

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