Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s stock price was down 3.2% during mid-day trading on Tuesday . The stock traded as low as $11.02 and last traded at $11.12. Approximately 851,383 shares traded hands during mid-day trading, a decline of 92% from the average daily volume of 10,130,425 shares. The stock had previously closed at $11.49.
Wall Street Analyst Weigh In
Separately, Cantor Fitzgerald started coverage on Serve Robotics in a research report on Thursday, May 22nd. They issued an "overweight" rating for the company. Three research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Strong Buy" and an average price target of $18.67.
Read Our Latest Research Report on SERV
Serve Robotics Stock Performance
The stock's 50-day moving average price is $9.15 and its two-hundred day moving average price is $11.31. The stock has a market capitalization of $594.04 million, a PE ratio of -9.83 and a beta of 1.67.
Insider Buying and Selling
In related news, CFO Brian Read sold 29,100 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $7.06, for a total transaction of $205,446.00. Following the completion of the transaction, 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold 57,183 shares of company stock valued at $458,440 over the last quarter. Corporate insiders own 5.50% of the company's stock.
Institutional Investors Weigh In On Serve Robotics
Several hedge funds have recently added to or reduced their stakes in the stock. Blue Trust Inc. bought a new position in shares of Serve Robotics during the fourth quarter valued at $27,000. CIBC Private Wealth Group LLC bought a new position in Serve Robotics in the 4th quarter worth about $34,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Serve Robotics during the 1st quarter valued at about $49,000. KLP Kapitalforvaltning AS bought a new stake in Serve Robotics during the 1st quarter valued at about $49,000. Finally, Wells Fargo & Company MN increased its stake in Serve Robotics by 294.0% during the 4th quarter. Wells Fargo & Company MN now owns 10,855 shares of the company's stock valued at $147,000 after purchasing an additional 8,100 shares in the last quarter.
About Serve Robotics
(
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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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