Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s share price dropped 3.4% on Friday . The company traded as low as $10.01 and last traded at $10.23. Approximately 2,711,076 shares traded hands during trading, a decline of 62% from the average daily volume of 7,185,460 shares. The stock had previously closed at $10.59.
Analyst Ratings Changes
Separately, Cantor Fitzgerald began coverage on Serve Robotics in a report on Thursday, May 22nd. They set an "overweight" rating on the stock. Three investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Serve Robotics presently has a consensus rating of "Buy" and a consensus target price of $18.67.
Get Our Latest Stock Analysis on SERV
Serve Robotics Price Performance
The business's 50-day moving average price is $11.11 and its two-hundred day moving average price is $10.28. The company has a market capitalization of $584.52 million, a price-to-earnings ratio of -9.62 and a beta of -0.11.
Insider Buying and Selling at Serve Robotics
In other Serve Robotics news, insider Anthony Armenta sold 2,915 shares of the business's stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $10.68, for a total transaction of $31,132.20. Following the sale, the insider owned 612,664 shares of the company's stock, valued at $6,543,251.52. The trade was a 0.47% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Touraj Parang sold 5,565 shares of the company's stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $10.64, for a total transaction of $59,211.60. Following the sale, the chief operating officer owned 1,419,106 shares of the company's stock, valued at $15,099,287.84. This represents a 0.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 52,082 shares of company stock worth $550,477 in the last three months. Company insiders own 5.50% of the company's stock.
Hedge Funds Weigh In On Serve Robotics
Hedge funds and other institutional investors have recently bought and sold shares of the stock. CIBC Private Wealth Group LLC bought a new stake in Serve Robotics during the 4th quarter valued at approximately $34,000. Allworth Financial LP raised its stake in Serve Robotics by 316.7% in the second quarter. Allworth Financial LP now owns 3,900 shares of the company's stock worth $45,000 after buying an additional 2,964 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Serve Robotics during the first quarter worth about $49,000. KLP Kapitalforvaltning AS purchased a new position in shares of Serve Robotics in the first quarter worth about $49,000. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Serve Robotics by 13.8% during 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 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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