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

Shares of Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) gapped down prior to trading on Friday . The stock had previously closed at $12.21, but opened at $11.77. Serve Robotics shares last traded at $11.60, with a volume of 818,445 shares trading hands.

Analysts Set New Price Targets

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

Serve Robotics Stock Performance

The firm's 50-day moving average price is $7.38 and its two-hundred day moving average price is $11.02. The stock has a market cap of $680.38 million and a price-to-earnings ratio of -11.26.

Insider Buying and Selling at Serve Robotics

In other news, CFO Brian Read sold 3,000 shares of the company's stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $12.15, for a total value of $36,450.00. Following the transaction, the chief financial officer now owns 221,000 shares of the company's stock, valued at $2,685,150. This represents a 1.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold 56,869 shares of company stock worth $440,227 in the last ninety days. 5.50% of the stock is owned by insiders.

Institutional Trading of Serve Robotics

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Blue Trust Inc. purchased a new position in Serve Robotics during the fourth quarter worth about $27,000. CIBC Private Wealth Group LLC acquired a new position in shares of Serve Robotics in the 4th quarter worth approximately $34,000. Bogart Wealth LLC acquired a new position in shares of Serve Robotics in the 4th quarter worth approximately $37,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Serve Robotics during the 1st quarter worth approximately $49,000. Finally, KLP Kapitalforvaltning AS acquired a new stake in Serve Robotics in the 1st quarter valued at approximately $49,000.

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.