Serve Robotics (NASDAQ:SERV) Trading Down 2% - Here's Why

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s share price dropped 2% during trading on Friday . The stock traded as low as $10.88 and last traded at $11.40. Approximately 3,108,205 shares changed hands during trading, a decline of 68% from the average daily volume of 9,755,290 shares. The stock had previously closed at $11.63.

Wall Street Analyst Weigh In

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

Serve Robotics Price Performance

The business has a 50 day moving average of $6.98 and a 200 day moving average of $10.92. The firm has a market capitalization of $660.77 million and a price-to-earnings ratio of -10.98.

Insider Activity at Serve Robotics

In other Serve Robotics news, CEO Ali Kashani sold 3,713 shares of Serve Robotics stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $9.21, for a total value of $34,196.73. Following the sale, the chief executive officer now owns 3,225,852 shares of the company's stock, valued at $29,710,096.92. This trade represents a 0.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Brian Read sold 29,100 shares of Serve Robotics stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $7.06, for a total transaction of $205,446.00. Following the completion of the sale, the chief financial officer now owns 240,900 shares in the company, valued at $1,700,754. This trade represents a 10.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 59,834 shares of company stock worth $458,699 in the last ninety days. Company insiders own 5.50% of the company's stock.

Institutional Trading of Serve Robotics

Large investors have recently added to or reduced their stakes in the company. Uber Technologies Inc acquired a new stake in Serve Robotics during the 4th quarter valued at $71,534,000. Vanguard Group Inc. raised its stake in Serve Robotics by 74.6% in the fourth quarter. Vanguard Group Inc. now owns 1,274,303 shares of the company's stock valued at $17,203,000 after purchasing an additional 544,537 shares in the last quarter. Exchange Traded Concepts LLC grew its position in Serve Robotics by 31.4% in the first quarter. Exchange Traded Concepts LLC now owns 882,522 shares of the company's stock valued at $5,075,000 after acquiring an additional 210,977 shares during the last quarter. Capital Fund Management S.A. bought a new position in Serve Robotics in the first quarter valued at about $4,244,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake 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 worth $3,972,000 after purchasing an additional 584,302 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.