Serve Robotics (NASDAQ:SERV) Shares Down 2% - What's Next?

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

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on SERV. Cantor Fitzgerald started coverage on Serve Robotics in a research report on Thursday, May 22nd. They set an "overweight" rating for the company. Northland Securities set a $23.00 price objective on Serve Robotics in a research note on Tuesday, February 18th. Three equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the 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 Price Performance

The firm has a market cap of $721.14 million and a P/E ratio of -11.93. The stock's 50-day simple moving average is $7.10 and its two-hundred day simple moving average is $10.93.

Insider Activity at Serve Robotics

In other Serve Robotics news, CFO Brian Read sold 29,100 shares of the company'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 transaction, the chief financial officer now owns 240,900 shares of the company's stock, valued at $1,700,754. This represents a 10.78% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Ali Kashani sold 3,713 shares of the stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $9.21, for a total value of $34,196.73. Following the completion of the sale, the chief executive officer now owns 3,225,852 shares in the company, valued at approximately $29,710,096.92. The trade was a 0.11% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 62,834 shares of company stock worth $495,149. Insiders own 21.40% of the company's stock.

Institutional Trading of Serve Robotics

Several institutional investors and hedge funds have recently modified their holdings of the stock. Blue Trust Inc. purchased a new position in shares of Serve Robotics during the fourth quarter valued at $27,000. CIBC Private Wealth Group LLC purchased a new position in Serve Robotics during the 4th quarter valued at about $34,000. Bogart Wealth LLC bought a new stake in shares of Serve Robotics in the 4th quarter valued at about $37,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Serve Robotics in the 1st quarter worth approximately $49,000. Finally, SG Americas Securities LLC bought a new position in shares of Serve Robotics during the fourth quarter valued at approximately $114,000.

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.