Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) fell 2.7% on Wednesday after an insider sold shares in the company. The stock traded as low as $12.25 and last traded at $12.47. 2,569,523 shares traded hands 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 firm's 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 completion of the sale, the chief financial officer now owns 221,000 shares in the company, valued at approximately $2,685,150. This trade represents a 1.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Wall Street Analyst Weigh In
Several equities analysts have commented on the company. Cantor Fitzgerald started coverage on Serve Robotics in a research report on Thursday, May 22nd. They issued an "overweight" rating on the stock. Northland Securities set a $23.00 target price on shares of Serve Robotics in a research report on Tuesday, February 18th. Three investment analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Strong Buy" and a consensus price target of $18.67.
Check Out Our Latest Analysis on Serve Robotics
Serve Robotics Stock Down 5.7%
The business's 50 day moving average is $7.38 and its 200 day moving average is $11.00. The company has a market cap of $656.15 million and a P/E ratio of -10.86.
Institutional Inflows and Outflows
Several large investors have recently made changes to their positions in SERV. Charles Schwab Investment Management Inc. grew its stake in Serve Robotics by 13.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 12,728 shares of the company's stock valued at $73,000 after purchasing an additional 1,545 shares during the last quarter. Blue Trust Inc. purchased a new position in shares of Serve Robotics in the 4th quarter worth approximately $27,000. CIBC Private Wealth Group LLC purchased a new position in shares of Serve Robotics in the 4th quarter worth approximately $34,000. Bogart Wealth LLC bought a new position in shares of Serve Robotics during the 4th quarter worth approximately $37,000. Finally, Jefferies Financial Group Inc. lifted its position in Serve Robotics by 30.3% during the fourth quarter. Jefferies Financial Group Inc. now owns 17,200 shares of the company's stock valued at $232,000 after acquiring an additional 4,000 shares during the last quarter.
About Serve Robotics
(
Get Free Report)
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.
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