Serve Robotics (NASDAQ:SERV) Stock Price Down 3.1% - Should You Sell?

Shares of Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) dropped 3.1% during mid-day trading on Thursday . The company traded as low as $12.12 and last traded at $12.36. Approximately 3,807,110 shares traded hands during trading, a decline of 62% from the average daily volume of 10,082,176 shares. The stock had previously closed at $12.76.

Wall Street Analyst Weigh In

A number of research firms have recently commented on SERV. Cantor Fitzgerald assumed coverage on Serve Robotics in a report on Thursday, May 22nd. They issued an "overweight" rating for the company. Northland Securities set a $23.00 target price on Serve Robotics in a research note on Tuesday, February 18th. Three research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. According to MarketBeat, Serve Robotics has an average rating of "Strong Buy" and an average target price of $18.67.

Serve Robotics Trading Down 7.2%

The company's fifty day simple moving average is $8.50 and its 200 day simple moving average is $11.22. The stock has a market capitalization of $629.76 million, a P/E ratio of -10.44 and a beta of 1.67.

Insider Activity at Serve Robotics

In other Serve Robotics news, CFO Brian Read sold 29,100 shares of the firm's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $7.06, for a total value of $205,446.00. Following the sale, the chief financial officer now owns 240,900 shares of the company's stock, valued at $1,700,754. This trade represents a 10.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Over the last quarter, insiders sold 60,164 shares of company stock valued at $480,378. Company insiders own 5.50% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Blue Trust Inc. bought a new stake in Serve Robotics during the fourth quarter valued at approximately $27,000. CIBC Private Wealth Group LLC bought a new stake in shares of Serve Robotics during the 4th quarter worth $34,000. Bogart Wealth LLC purchased a new position in Serve Robotics in the fourth quarter worth $37,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in Serve Robotics in the first quarter worth $49,000. Finally, SG Americas Securities LLC bought a new position in Serve Robotics in the fourth quarter valued at $114,000.

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.