Serve Robotics (NASDAQ:SERV) Shares Down 2.7% After Insider Selling

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s share price traded down 2.7% during trading on Wednesday following insider selling activity. The company traded as low as $12.25 and last traded at $12.47. 2,569,523 shares were traded during trading, a decline of 74% from the average session volume of 9,820,795 shares. The stock had previously closed at $12.81.

Specifically, CFO Brian Read sold 3,000 shares of the stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $12.15, for a total value of $36,450.00. Following the transaction, the chief financial officer now directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Analysts Set New Price Targets

Several analysts recently commented on SERV shares. Cantor Fitzgerald began coverage on shares of 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 objective on Serve Robotics in a report on Tuesday, February 18th. Three analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Strong Buy" and an average target price of $18.67.

Serve Robotics Price Performance

The firm has a market capitalization of $696.06 million and a P/E ratio of -11.52. The company has a fifty day moving average of $7.30 and a 200 day moving average of $10.96.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. SG Americas Securities LLC acquired a new position in shares of Serve Robotics during the fourth quarter valued at about $114,000. Blue Trust Inc. acquired a new position in Serve Robotics during the 4th quarter worth approximately $27,000. Choreo LLC bought a new position in Serve Robotics in the fourth quarter worth approximately $202,000. Stephens Inc. AR acquired a new position in shares of Serve Robotics during the fourth quarter worth approximately $142,000. Finally, Bogart Wealth LLC bought a new position in shares of Serve Robotics in the 4th quarter worth $37,000.

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.