Serve Robotics (NASDAQ:SERV) Stock Price Down 6.4% - What's Next?

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s share price traded down 6.4% during trading on Friday . The company traded as low as $10.98 and last traded at $11.14. 2,647,537 shares were traded during mid-day trading, a decline of 74% from the average session volume of 10,101,576 shares. The stock had previously closed at $11.90.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Northland Securities set a $23.00 target price on Serve Robotics in a research report on Tuesday, February 18th. Cantor Fitzgerald started coverage on 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 issued a strong buy rating to the stock. According to data from MarketBeat, Serve Robotics has an average rating of "Strong Buy" and a consensus target price of $18.67.

Serve Robotics Trading Down 8.3%

The business has a fifty day simple moving average of $8.61 and a 200 day simple moving average of $11.23. The stock has a market capitalization of $621.95 million, a P/E ratio of -10.29 and a beta of 1.67.

Insiders Place Their Bets

In other 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 value of $25,180.00. Following the completion of the transaction, the chief financial officer now directly owns 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 transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In the last ninety days, insiders sold 60,164 shares of company stock valued at $480,378. Corporate insiders own 5.50% of the company's stock.

Institutional Trading of Serve Robotics

Institutional investors and hedge funds have recently modified their holdings of the business. Blue Trust Inc. purchased a new stake in shares of Serve Robotics during the fourth quarter valued at approximately $27,000. CIBC Private Wealth Group LLC purchased a new stake in shares of Serve Robotics during the fourth quarter valued at approximately $34,000. Bogart Wealth LLC purchased a new stake in shares of Serve Robotics during the fourth quarter valued at approximately $37,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Serve Robotics during the first quarter valued at approximately $49,000. Finally, KLP Kapitalforvaltning AS purchased a new stake in shares of Serve Robotics during the first quarter valued at approximately $49,000.

Serve Robotics Company Profile

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.