Serve Robotics (NASDAQ:SERV) Trading Down 1.7% - Should You Sell?

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s share price traded down 1.7% during mid-day trading on Tuesday . The stock traded as low as $10.51 and last traded at $10.91. 2,242,240 shares traded hands during trading, a decline of 76% from the average session volume of 9,528,350 shares. The stock had previously closed at $11.09.

Wall Street Analyst Weigh In

Separately, Cantor Fitzgerald started coverage on shares of Serve Robotics in a research note on Thursday, May 22nd. They issued an "overweight" rating for the company. Three investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Serve Robotics currently has a consensus rating of "Buy" and an average target price of $18.67.

Serve Robotics Trading Up 2.2%

The company's 50 day moving average price is $11.26 and its 200-day moving average price is $10.71. The company has a market capitalization of $664.17 million, a PE ratio of -10.99 and a beta of 0.13.

Insider Buying and Selling at Serve Robotics

In related news, CFO Brian Read sold 2,000 shares of the company's stock in a transaction on Monday, June 9th. The shares were 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 represents a 0.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David Michael Goldberg sold 10,700 shares of the company's stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $10.63, for a total transaction of $113,741.00. Following the sale, the director directly owned 50,725 shares of the company's stock, valued at approximately $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 a total of 66,751 shares of company stock valued at $572,318 over the last three months. Corporate insiders own 5.50% of the company's stock.

Institutional Trading of Serve Robotics

A number of institutional investors have recently added to or reduced their stakes in the business. Uber Technologies Inc purchased a new stake in Serve Robotics during the 4th quarter worth $71,534,000. Vanguard Group Inc. lifted its holdings in Serve Robotics by 74.6% in the 4th quarter. Vanguard Group Inc. now owns 1,274,303 shares of the company's stock worth $17,203,000 after buying an additional 544,537 shares in the last quarter. Exchange Traded Concepts LLC lifted its holdings in Serve Robotics by 12.9% in the 2nd quarter. Exchange Traded Concepts LLC now owns 996,283 shares of the company's stock worth $11,397,000 after buying an additional 113,761 shares in the last quarter. Capital Fund Management S.A. acquired a new position in Serve Robotics in the 1st quarter worth $4,244,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Serve Robotics by 616.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 679,014 shares of the company's stock worth $3,972,000 after buying an additional 584,302 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.