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

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

Analyst Upgrades and Downgrades

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 investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Strong Buy" and a consensus price target of $18.67.

Serve Robotics Trading Down 5.3%

The stock has a 50 day moving average of $10.18 and a 200-day moving average of $11.16. The company has a market capitalization of $581.50 million, a P/E ratio of -9.62 and a beta of 0.13.

Insider Buying and Selling

In other Serve Robotics news, CFO Brian Read sold 29,100 shares of the company's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $7.06, for a total value of $205,446.00. Following the completion of the transaction, the chief financial officer directly owned 240,900 shares in the company, valued at $1,700,754. This represents a 10.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director David Michael Goldberg sold 10,700 shares of the 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 transaction, the director owned 50,725 shares of the company's stock, valued at $539,206.75. This represents a 17.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 69,174 shares of company stock valued at $586,163. 21.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of SERV. Uber Technologies Inc bought a new position in shares of Serve Robotics during the 4th quarter valued at approximately $71,534,000. Capital Fund Management S.A. purchased a new stake in shares of Serve Robotics in the first quarter valued at approximately $4,244,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Serve Robotics by 616.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 679,014 shares of the company's stock valued at $3,972,000 after buying an additional 584,302 shares in the last quarter. Vanguard Group Inc. increased its position in shares of 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 purchasing an additional 544,537 shares in the last quarter. Finally, Legal & General Group Plc purchased a new stake in shares of Serve Robotics during the fourth quarter worth approximately $6,629,000.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.