Serve Robotics (NASDAQ:SERV) Stock Price Down 6.4% - Here's Why

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

Wall Street Analyst Weigh In

Several analysts recently issued reports on SERV shares. Northland Securities set a $23.00 price target on Serve Robotics in a report on Tuesday, February 18th. Cantor Fitzgerald started coverage on Serve Robotics in a report on Thursday, May 22nd. They issued an "overweight" rating on the stock. Three equities research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Strong Buy" and a consensus target price of $18.67.

Serve Robotics Stock Performance

The firm has a 50 day simple moving average of $8.61 and a two-hundred day simple moving average of $11.27. The stock has a market cap of $655.01 million, a P/E ratio of -10.84 and a beta of 1.67.

Insider Transactions at Serve Robotics

In other news, CFO Brian Read sold 29,100 shares of the business's stock in a transaction 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 sale, the chief financial officer now owns 240,900 shares of the company's stock, valued at approximately $1,700,754. The trade was a 10.78% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In the last 90 days, insiders have sold 60,164 shares of company stock valued at $480,378. Corporate insiders own 5.50% of the company's stock.

Hedge Funds Weigh In On Serve Robotics

Hedge funds have recently modified their holdings of the stock. Uber Technologies Inc acquired a new position in shares of Serve Robotics in the 4th quarter worth $71,534,000. Raymond James Financial Inc. purchased a new position in shares of Serve Robotics during the fourth quarter valued at $1,978,000. Man Group plc purchased a new position in shares of Serve Robotics during the fourth quarter valued at $467,000. Geode Capital Management LLC grew its holdings in shares of Serve Robotics by 36.6% during the fourth quarter. Geode Capital Management LLC now owns 178,780 shares of the company's stock valued at $2,415,000 after buying an additional 47,927 shares in the last quarter. Finally, OMERS ADMINISTRATION Corp purchased a new position in shares of Serve Robotics during the fourth quarter valued at $431,000.

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.