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Serve Robotics (NASDAQ:SERV) Shares Down 6.1% - Here's Why

Serve Robotics logo with Computer and Technology background

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) fell 6.1% during mid-day trading on Monday . The company traded as low as $10.09 and last traded at $10.11. 2,167,994 shares were traded during trading, a decline of 79% from the average session volume of 10,407,436 shares. The stock had previously closed at $10.77.

Analysts Set New Price Targets

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

Get Our Latest Stock Report on Serve Robotics

Serve Robotics Price Performance

The stock's 50 day simple moving average is $10.43 and its two-hundred day simple moving average is $11.13. The stock has a market cap of $605.45 million, a P/E ratio of -10.02 and a beta of 0.13.

Insider Buying and Selling

In other news, CFO Brian Read sold 29,100 shares of the business's stock in a transaction on 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 owned 240,900 shares of the company's stock, valued at $1,700,754. The trade was a 10.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director David Michael Goldberg sold 10,700 shares of the business's stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $10.63, for a total transaction of $113,741.00. Following the completion of the sale, the director directly owned 50,725 shares in the company, valued at approximately $539,206.75. This represents a 17.42% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 66,751 shares of company stock worth $572,318. Insiders own 5.50% of the company's stock.

Institutional Trading of Serve Robotics

A number of institutional investors have recently made changes to their positions in the business. Uber Technologies Inc bought a new stake in shares of Serve Robotics in the fourth quarter worth $71,534,000. Vanguard Group Inc. raised its position in Serve Robotics by 74.6% during the fourth quarter. Vanguard Group Inc. now owns 1,274,303 shares of the company's stock worth $17,203,000 after acquiring an additional 544,537 shares in the last quarter. Exchange Traded Concepts LLC raised its position in Serve Robotics by 12.9% during the second quarter. Exchange Traded Concepts LLC now owns 996,283 shares of the company's stock worth $11,397,000 after acquiring an additional 113,761 shares in the last quarter. Capital Fund Management S.A. bought a new stake in Serve Robotics during the first quarter worth $4,244,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Serve Robotics by 616.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 679,014 shares of the company's stock worth $3,972,000 after acquiring an additional 584,302 shares in the last quarter.

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.

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