Serve Robotics (NASDAQ:SERV) Stock Price Down 3.2% - Should You Sell?

Key Points

• Shares of Serve Robotics (NASDAQ: SERV) fell by 3.2% to last trade at $10.40, with trading volume significantly down at 1,304,598 shares, an 82% decline from average volumes.
• Cantor Fitzgerald has issued an "overweight" rating for Serve Robotics, with three analysts rating it as a buy and two as a strong buy, positioning it with an average target price of $18.67.
• Recent insider sales indicate confidence concerns; CFO Brian Read sold 2,000 shares at about $12.59 each, and Director David Michael Goldberg sold 10,700 shares around $10.63 each, leading to decreases in their positions.

Shares of Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) fell 3.2% during mid-day trading on Wednesday . The company traded as low as $10.31 and last traded at $10.40. 1,304,598 shares changed hands during trading, a decline of 82% from the average session volume of 7,222,184 shares. The stock had previously closed at $10.74.

Analyst Upgrades and Downgrades

Separately, Cantor Fitzgerald assumed coverage on Serve Robotics in a report on Thursday, May 22nd. They issued an "overweight" rating for the company. Three analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $18.67.

Serve Robotics Price Performance

The stock's fifty day moving average price is $11.18 and its 200-day moving average price is $10.33. The firm has a market cap of $600.57 million, a PE ratio of -9.97 and a beta of -0.11.

Insider Activity

In related news, CFO Brian Read sold 2,000 shares of the firm's stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $12.59, for a total transaction of $25,180.00. Following the completion of the sale, the chief financial officer directly owned 217,705 shares of the company's stock, valued at approximately $2,740,905.95. This trade represents a 0.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director David Michael Goldberg sold 10,700 shares of the company's stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $10.63, for a total transaction of $113,741.00. Following the completion of the transaction, the director directly owned 50,725 shares in the company, valued at $539,206.75. The trade was a 17.42% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 36,398 shares of company stock valued at $364,385. 5.50% of the stock is owned by company insiders.

Institutional Trading of Serve Robotics

Institutional investors and hedge funds have recently bought and sold shares of the business. Next Capital Management LLC acquired a new position in Serve Robotics during the 2nd quarter worth $188,000. Bogart Wealth LLC grew its position in shares of Serve Robotics by 1,230.6% during the second quarter. Bogart Wealth LLC now owns 11,975 shares of the company's stock worth $137,000 after buying an additional 11,075 shares in the last quarter. Vontobel Holding Ltd. purchased a new stake in shares of Serve Robotics during the second quarter worth approximately $240,000. Exchange Traded Concepts LLC raised its holdings in Serve Robotics by 12.9% in the second quarter. Exchange Traded Concepts LLC now owns 996,283 shares of the company's stock valued at $11,397,000 after acquiring an additional 113,761 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in Serve Robotics by 280.4% in the first quarter. Goldman Sachs Group Inc. now owns 297,138 shares of the company's stock worth $1,709,000 after acquiring an additional 219,018 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.

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