Serve Robotics (NASDAQ:SERV) Trading Down 3.2% - What's Next?

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) shares dropped 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.

Analysts Set New Price Targets

A number of brokerages recently weighed in on SERV. Cantor Fitzgerald began coverage on Serve Robotics in a report on Thursday, May 22nd. They set an "overweight" rating on the stock. Northland Securities set a $23.00 price objective on shares of Serve Robotics in a research report on Tuesday, February 18th. Three 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 presently has a consensus rating of "Strong Buy" and an average target price of $18.67.

Serve Robotics Stock Performance

The stock has a 50 day moving average price of $8.74 and a 200 day moving average price of $11.29. The company has a market cap of $613.79 million, a P/E ratio of -10.15 and a beta of 1.67.

Insider Buying and Selling

In other Serve Robotics news, CFO Brian Read sold 7,000 shares of the business's stock in a transaction on Friday, May 9th. The shares were sold at an average price of $8.03, for a total value of $56,210.00. Following the sale, the chief financial officer now owns 233,900 shares of the company's stock, valued at $1,878,217. The trade was a 2.91% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Over the last three months, insiders sold 60,164 shares of company stock worth $480,378. 5.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in SERV. Charles Schwab Investment Management Inc. lifted its stake in shares of Serve Robotics by 13.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 12,728 shares of the company's stock valued at $73,000 after purchasing an additional 1,545 shares during the period. Blue Trust Inc. bought a new stake in shares of Serve Robotics during the fourth quarter worth $27,000. CIBC Private Wealth Group LLC acquired a new stake in shares of Serve Robotics in the 4th quarter valued at about $34,000. Jefferies Financial Group Inc. lifted its stake in Serve Robotics by 30.3% in the 4th quarter. Jefferies Financial Group Inc. now owns 17,200 shares of the company's stock valued at $232,000 after acquiring an additional 4,000 shares in the last quarter. Finally, PFG Investments LLC boosted its holdings in Serve Robotics by 12.3% during the first quarter. PFG Investments LLC now owns 36,498 shares of the company's stock worth $210,000 after purchasing an additional 4,000 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.

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