Serve Robotics (NASDAQ:SERV) Trading Down 3.4% - Time to Sell?

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) shares were down 3.4% on Friday . The company traded as low as $11.55 and last traded at $11.79. Approximately 1,922,840 shares were traded during trading, a decline of 76% from the average daily volume of 8,016,380 shares. The stock had previously closed at $12.21.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on SERV shares. Northland Securities set a $23.00 price objective on shares of Serve Robotics in a report on Tuesday, February 18th. Cantor Fitzgerald started coverage on shares of Serve Robotics in a report on Thursday, May 22nd. They set an "overweight" rating on the stock. Three research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Strong Buy" and a consensus price target of $18.67.

Serve Robotics Price Performance

The stock has a market capitalization of $656.15 million and a PE ratio of -10.86. The business's fifty day moving average price is $7.38 and its two-hundred day moving average price is $10.98.

Insider Buying and Selling at Serve Robotics

In other Serve Robotics news, CFO Brian Read sold 7,000 shares of the company'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 directly owns 233,900 shares of the company's stock, valued at approximately $1,878,217. This represents a 2.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last three months, insiders have sold 56,869 shares of company stock valued at $440,227. 21.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Serve Robotics

Hedge funds have recently added to or reduced their stakes in the business. Uber Technologies Inc purchased a new stake in Serve Robotics in the fourth quarter valued at $71,534,000. Raymond James Financial Inc. purchased a new stake in shares of Serve Robotics during the 4th quarter worth about $1,978,000. Man Group plc purchased a new stake in shares of Serve Robotics during the 4th quarter worth about $467,000. Geode Capital Management LLC boosted its stake in shares of Serve Robotics by 36.6% during the 4th quarter. Geode Capital Management LLC now owns 178,780 shares of the company's stock worth $2,415,000 after acquiring an additional 47,927 shares in the last quarter. Finally, OMERS ADMINISTRATION Corp purchased a new stake in shares of Serve Robotics during the 4th quarter worth about $431,000.

Serve Robotics Company Profile

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.