Serve Robotics (NASDAQ:SERV) Trading Down 3.4% - What's Next?

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

Analyst Upgrades and Downgrades

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

Serve Robotics Trading Up 2.1%

The firm has a market capitalization of $680.66 million and a PE ratio of -11.26. The stock's 50 day moving average price is $7.38 and its two-hundred day moving average price is $11.02.

Insider Transactions at Serve Robotics

In other news, CFO Brian Read sold 29,100 shares of the business'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 directly owns 240,900 shares in the company, valued at approximately $1,700,754. The trade was a 10.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders sold 56,869 shares of company stock valued at $440,227 over the last quarter. Company insiders own 5.50% of the company's stock.

Institutional Investors Weigh In On Serve Robotics

Hedge funds and other institutional investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. lifted its holdings in shares of Serve Robotics by 13.8% during the first 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 last quarter. Blue Trust Inc. acquired a new stake in shares of Serve Robotics in the fourth quarter worth $27,000. CIBC Private Wealth Group LLC purchased a new position in shares of Serve Robotics during the fourth quarter valued at $34,000. Bogart Wealth LLC acquired a new position in Serve Robotics during the fourth quarter valued at $37,000. Finally, 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 worth $232,000 after acquiring an additional 4,000 shares in 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.