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

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

Analyst Upgrades and Downgrades

Separately, Cantor Fitzgerald began 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 MarketBeat.com, the stock presently has an average rating of "Strong Buy" and a consensus price target of $18.67.

Serve Robotics Stock Down 5.4%

The company has a market capitalization of $591.42 million, a PE ratio of -9.78 and a beta of 1.67. The firm has a 50-day moving average of $9.34 and a two-hundred day moving average of $11.32.

Insider Buying and Selling at Serve Robotics

In other Serve Robotics news, CFO Brian Read sold 2,000 shares of the firm's stock in a transaction on Monday, June 9th. The stock was sold at an average price of $12.59, for a total value of $25,180.00. Following the sale, the chief financial officer now directly owns 217,705 shares in the company, valued at $2,740,905.95. This trade represents a 0.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David Michael Goldberg sold 10,700 shares of Serve Robotics stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $10.63, for a total value of $113,741.00. Following the sale, the director now directly owns 50,725 shares of the company's stock, valued at $539,206.75. This trade represents a 17.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 67,883 shares of company stock valued at $572,181 in the last quarter. Corporate insiders own 21.40% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Goldman Sachs Group Inc. lifted its stake in Serve Robotics by 280.4% during the first quarter. Goldman Sachs Group Inc. now owns 297,138 shares of the company's stock worth $1,709,000 after purchasing an additional 219,018 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Serve Robotics by 616.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 679,014 shares of the company's stock worth $3,972,000 after purchasing an additional 584,302 shares in the last quarter. Bosun Asset Management LLC purchased a new stake in shares of Serve Robotics during the 1st quarter worth approximately $129,000. Cubist Systematic Strategies LLC acquired a new position in shares of Serve Robotics in the 1st quarter valued at $2,064,000. Finally, PEAK6 LLC boosted its holdings in shares of Serve Robotics by 377.7% in the 1st quarter. PEAK6 LLC now owns 15,314 shares of the company's stock valued at $88,000 after buying an additional 20,829 shares in 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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