Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s share price traded down 3.6% on Friday . The company traded as low as $9.50 and last traded at $9.83. 1,838,674 shares traded hands during mid-day trading, a decline of 75% from the average session volume of 7,307,511 shares. The stock had previously closed at $10.19.
Wall Street Analysts Forecast Growth
Separately, Cantor Fitzgerald started coverage on shares of Serve Robotics in a report on Thursday, May 22nd. They set an "overweight" rating on the stock. Three analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $18.67.
View Our Latest Research Report on Serve Robotics
Serve Robotics Trading Down 2.8%
The stock has a market capitalization of $564.57 million, a price-to-earnings ratio of -9.35 and a beta of 0.13. The stock has a fifty day moving average of $11.27 and a two-hundred day moving average of $10.54.
Insider Buying and Selling at Serve Robotics
In related news, CFO Brian Read sold 8,900 shares of the stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $8.95, for a total value of $79,655.00. Following the completion of the sale, the chief financial officer directly owned 225,000 shares in the company, valued at $2,013,750. This represents a 3.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director David Michael Goldberg sold 10,700 shares of the stock in a transaction 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 $539,206.75. The trade was a 17.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 38,863 shares of company stock valued at $379,550 over the last quarter. Company insiders own 5.50% of the company's stock.
Hedge Funds Weigh In On Serve Robotics
A number of hedge funds have recently added to or reduced their stakes in the stock. CIBC Private Wealth Group LLC purchased a new position in Serve Robotics in the 4th quarter valued at approximately $34,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Serve Robotics during the 1st quarter valued at $49,000. KLP Kapitalforvaltning AS purchased a new position in shares of Serve Robotics during the 1st quarter valued at $49,000. Charles Schwab Investment Management Inc. grew its position in shares of Serve Robotics by 13.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 12,728 shares of the company's stock valued at $73,000 after purchasing an additional 1,545 shares in the last quarter. Finally, Arkadios Wealth Advisors purchased a new position in shares of Serve Robotics during the 1st quarter valued at $74,000.
Serve Robotics Company Profile
(
Get Free Report)
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.
Further Reading
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