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

Serve Robotics logo with Computer and Technology background

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.

Get Our Latest Stock Analysis on SERV

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

(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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