Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) dropped 3.6% during trading on Friday . The stock traded as low as $9.50 and last traded at $9.83. Approximately 1,838,674 shares were traded during mid-day trading, a decline of 75% from the average daily volume of 7,307,511 shares. The stock had previously closed at $10.19.
Wall Street Analyst Weigh In
Separately, Cantor Fitzgerald initiated coverage on Serve Robotics in a research note on Thursday, May 22nd. They issued an "overweight" rating for the company. Three analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $18.67.
View Our Latest Analysis on Serve Robotics
Serve Robotics Stock Up 4.2%
The stock has a market cap of $594.90 million, a P/E ratio of -9.86 and a beta of -0.11. The business has a 50-day simple moving average of $11.24 and a 200-day simple moving average of $10.38.
Insider Buying and Selling
In other Serve Robotics news, CFO Brian Read sold 2,000 shares of the company's 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 completion of the sale, the chief financial officer owned 217,705 shares of the company's stock, valued at $2,740,905.95. This represents a 0.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David Michael Goldberg sold 10,700 shares of the company's stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $10.63, for a total value of $113,741.00. Following the sale, the director directly owned 50,725 shares of the company's stock, valued at $539,206.75. The trade was a 17.42% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 38,863 shares of company stock valued at $379,550 in the last ninety days. Company insiders own 21.40% of the company's stock.
Institutional Inflows and Outflows
A number of large investors have recently modified their holdings of SERV. Charles Schwab Investment Management Inc. boosted its position in shares of Serve Robotics by 13.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 12,728 shares of the company's stock valued at $73,000 after acquiring an additional 1,545 shares during the period. CIBC Private Wealth Group LLC bought a new stake in shares of Serve Robotics in the fourth quarter valued at approximately $34,000. Jefferies Financial Group Inc. boosted its position in shares of Serve Robotics by 30.3% in the fourth quarter. Jefferies Financial Group Inc. now owns 17,200 shares of the company's stock valued at $232,000 after acquiring an additional 4,000 shares during the period. PFG Investments LLC boosted 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 acquiring an additional 4,000 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Serve Robotics in the first quarter valued at approximately $49,000.
Serve Robotics Company Profile
(
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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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