Serve Robotics (NASDAQ:SERV) Shares Gap Down - Time to Sell?

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s share price 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 traded.

Analyst Ratings Changes

SERV has been the subject of several research analyst reports. Northland Securities set a $23.00 target price on shares of Serve Robotics in a research report on Tuesday, February 18th. Cantor Fitzgerald assumed coverage on shares of Serve Robotics in a research note on Thursday, May 22nd. They issued an "overweight" rating for the company. Three investment analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Serve Robotics has an average rating of "Strong Buy" and a consensus target price of $18.67.

Serve Robotics Stock Down 5.7%

The firm has a market cap of $656.15 million and a PE ratio of -10.86. The firm's fifty day simple moving average is $7.38 and its two-hundred day simple moving average is $10.98.

Insider Activity at Serve Robotics

In related news, CFO Brian Read sold 3,000 shares of the company's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $12.15, for a total transaction of $36,450.00. Following the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last ninety days, insiders sold 56,869 shares of company stock valued at $440,227. Corporate insiders own 21.40% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Goldman Sachs Group Inc. grew its holdings in shares of Serve Robotics by 280.4% in the first quarter. Goldman Sachs Group Inc. now owns 297,138 shares of the company's stock worth $1,709,000 after purchasing an additional 219,018 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Serve Robotics by 616.9% during 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 during the last quarter. Bosun Asset Management LLC purchased a new stake in shares of Serve Robotics during the first quarter valued at about $129,000. Cubist Systematic Strategies LLC purchased a new position in shares of Serve Robotics in the 1st quarter valued at approximately $2,064,000. Finally, PEAK6 LLC raised its position in shares of Serve Robotics by 377.7% in the 1st quarter. PEAK6 LLC now owns 15,314 shares of the company's stock valued at $88,000 after purchasing an additional 20,829 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.