Serve Robotics (NASDAQ:SERV) Stock Price Down 1.3% - Here's What Happened

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s stock price dropped 1.3% during mid-day trading on Friday . The stock traded as low as $11.83 and last traded at $11.92. Approximately 2,847,945 shares traded hands during trading, a decline of 73% from the average daily volume of 10,561,112 shares. The stock had previously closed at $12.08.

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 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, Serve Robotics presently has a consensus rating of "Strong Buy" and an average price target of $18.67.

Serve Robotics Stock Performance

The stock has a market capitalization of $634.86 million, a P/E ratio of -10.55 and a beta of 0.13. The stock has a 50-day simple moving average of $11.06 and a 200 day simple moving average of $10.89.

Insiders Place Their Bets

In related news, CFO Brian Read sold 2,000 shares of the company's stock in a transaction on 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 owned 217,705 shares in the company, valued at approximately $2,740,905.95. This represents a 0.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director David Michael Goldberg sold 10,700 shares of the firm's stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $10.63, for a total value of $113,741.00. Following the completion of the transaction, the director directly owned 50,725 shares of the company's stock, valued at $539,206.75. The trade was a 17.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 66,751 shares of company stock worth $572,318. Insiders own 21.40% of the company's stock.

Hedge Funds Weigh In On Serve Robotics

Several institutional investors and hedge funds have recently modified their holdings of SERV. Uber Technologies Inc purchased a new stake in Serve Robotics in the 4th quarter worth approximately $71,534,000. Raymond James Financial Inc. bought a new stake in shares of Serve Robotics in the 4th quarter worth about $1,978,000. Man Group plc bought a new stake in shares of Serve Robotics in the 4th quarter valued at approximately $467,000. OMERS ADMINISTRATION Corp bought a new position in Serve Robotics during the fourth quarter valued at $431,000. Finally, Geode Capital Management LLC lifted its stake in Serve Robotics by 36.6% in the fourth quarter. Geode Capital Management LLC now owns 178,780 shares of the company's stock worth $2,415,000 after purchasing an additional 47,927 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.