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

Shares of Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) traded down 2% during mid-day trading on Friday . The company traded as low as $10.88 and last traded at $11.40. 3,108,205 shares were traded 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 Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Cantor Fitzgerald assumed coverage on Serve Robotics in a research note on Thursday, May 22nd. They issued an "overweight" rating on the stock. Northland Securities set a $23.00 price target on Serve Robotics in a report on Tuesday, February 18th. 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 company has an average rating of "Strong Buy" and an average target price of $18.67.

Serve Robotics Stock Performance

The company has a fifty day simple moving average of $7.10 and a two-hundred day simple moving average of $10.93. The company has a market capitalization of $730.26 million and a price-to-earnings ratio of -12.08.

Insider Transactions at Serve Robotics

In other 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 transaction of $205,446.00. Following the completion of the sale, the chief financial officer now directly owns 240,900 shares in the company, valued at $1,700,754. This represents a 10.78% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Ali Kashani sold 3,713 shares of the company's 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 sale, the chief executive officer now owns 3,225,852 shares of the company's stock, valued at approximately $29,710,096.92. The trade was a 0.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 62,834 shares of company stock worth $495,149 in the last ninety days. Insiders own 21.40% of the company's stock.

Institutional Trading of Serve Robotics

Institutional investors and hedge funds have recently made changes to their positions in the company. Blue Trust Inc. acquired a new stake in shares of Serve Robotics during the 4th quarter worth $27,000. CIBC Private Wealth Group LLC purchased a new stake in Serve Robotics during the 4th quarter worth $34,000. Bogart Wealth LLC purchased a new stake in Serve Robotics during the 4th quarter worth $37,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Serve Robotics during the 1st quarter worth $49,000. Finally, KLP Kapitalforvaltning AS purchased a new stake in Serve Robotics during the 1st quarter worth $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.