Serve Robotics (NASDAQ:SERV) Stock Price Down 6.1% - Time to Sell?

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s share price fell 6.1% on Monday . The stock traded as low as $10.09 and last traded at $10.11. 2,167,994 shares traded hands during mid-day 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 issued 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's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Strong Buy" and a consensus target price of $18.67.

Serve Robotics Stock Performance

The company has a market cap of $591.19 million, a P/E ratio of -9.78 and a beta of 0.13. The firm's fifty day moving average is $10.26 and its two-hundred day moving average is $11.13.

Insider Activity

In other Serve Robotics news, Director David Michael Goldberg sold 10,700 shares of the stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $10.63, for a total transaction of $113,741.00. Following the completion of 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Brian Read sold 29,100 shares of the stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $7.06, for a total transaction of $205,446.00. Following the transaction, the chief financial officer directly owned 240,900 shares of the company's stock, valued at $1,700,754. This trade represents a 10.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 69,174 shares of company stock valued at $586,163 in the last three months. Insiders own 21.40% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Uber Technologies Inc bought a new position in shares of Serve Robotics during the 4th quarter valued at about $71,534,000. Raymond James Financial Inc. bought a new position in shares of Serve Robotics in the 4th quarter valued at about $1,978,000. Man Group plc bought a new position in shares of Serve Robotics in the 4th quarter valued at about $467,000. OMERS ADMINISTRATION Corp bought a new position in shares of Serve Robotics in the 4th quarter valued at about $431,000. Finally, Geode Capital Management LLC lifted its holdings in shares of Serve Robotics by 36.6% in the 4th quarter. Geode Capital Management LLC now owns 178,780 shares of the company's stock valued at $2,415,000 after acquiring an additional 47,927 shares during the last quarter.

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.