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Serve Robotics (NASDAQ:SERV) Shares Down 4.9% - Time to Sell?

Serve Robotics logo with Computer and Technology background

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s share price fell 4.9% during mid-day trading on Wednesday . The company traded as low as $10.36 and last traded at $10.43. 1,820,911 shares traded hands during trading, a decline of 82% from the average session volume of 10,200,832 shares. The stock had previously closed at $10.97.

Analyst Upgrades and Downgrades

Separately, Cantor Fitzgerald initiated coverage on Serve Robotics in a research report on Thursday, May 22nd. They set an "overweight" rating on the stock. Three equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Strong Buy" and a consensus price target of $18.67.

Get Our Latest Report on SERV

Serve Robotics Trading Up 1.8%

The stock has a market capitalization of $652.19 million, a P/E ratio of -10.79 and a beta of 1.67. The stock's 50-day moving average price is $9.68 and its two-hundred day moving average price is $11.29.

Insider Transactions at Serve Robotics

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 transaction, the chief financial officer now directly owns 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 filing with the SEC, which is accessible through this link. Also, Director David Michael Goldberg sold 10,700 shares of the firm's stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $10.63, for a total value of $113,741.00. Following the transaction, the director now directly owns 50,725 shares in the company, valued at approximately $539,206.75. This represents a 17.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 67,883 shares of company stock worth $572,181. 5.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Serve Robotics

A number of large investors have recently modified their holdings of the company. Charles Schwab Investment Management Inc. lifted 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 worth $73,000 after acquiring an additional 1,545 shares during the period. Blue Trust Inc. bought a new stake in Serve Robotics in the fourth quarter worth $27,000. CIBC Private Wealth Group LLC bought a new stake in Serve Robotics in the fourth quarter worth $34,000. Jefferies Financial Group Inc. boosted its holdings in Serve Robotics by 30.3% in the fourth quarter. Jefferies Financial Group Inc. now owns 17,200 shares of the company's stock worth $232,000 after acquiring an additional 4,000 shares in the last quarter. Finally, PFG Investments LLC raised its stake in shares of Serve Robotics by 12.3% in the first quarter. PFG Investments LLC now owns 36,498 shares of the company's stock worth $210,000 after purchasing 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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