Serve Robotics (NASDAQ:SERV) Trading Down 5.7% - What's Next?

Key Points

• The shares of Serve Robotics Inc. (NASDAQ:SERV) fell by 5.7% during mid-day trading, reaching a low of $10.70, with significant decline in trading volume.
• Analysts have given the stock an average rating of "Buy", with a price target of $18.67, following coverage initiation by Cantor Fitzgerald.
• Recent insider transactions include the CFO selling 29,100 shares at $7.06 each and a director offloading 10,700 shares at around $10.63, reflecting a notable decrease in their ownership stakes.

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s share price traded down 5.7% during mid-day trading on Tuesday . The stock traded as low as $10.76 and last traded at $10.70. 2,150,844 shares changed hands during trading, a decline of 71% from the average session volume of 7,367,465 shares. The stock had previously closed at $11.35.

Wall Street Analysts Forecast Growth

Separately, Cantor Fitzgerald assumed coverage on Serve Robotics in a research report on Thursday, May 22nd. They set an "overweight" rating for the company. Three analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $18.67.

Serve Robotics Stock Performance

The company has a market cap of $567.42 million, a P/E ratio of -9.35 and a beta of 0.13. The firm has a 50 day moving average price of $11.27 and a two-hundred day moving average price of $10.54.

Insider Buying and Selling at Serve Robotics

In other news, CFO Brian Read sold 8,900 shares of the stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $8.95, for a total transaction of $79,655.00. Following the completion of the transaction, the chief financial officer owned 225,000 shares in the company, valued at approximately $2,013,750. This represents a 3.81% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director David Michael Goldberg sold 10,700 shares of the stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $10.63, for a total value of $113,741.00. Following the transaction, the director owned 50,725 shares of the company's stock, valued at $539,206.75. The trade was a 17.42% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 38,863 shares of company stock valued at $379,550 in the last quarter. 5.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Commonwealth Equity Services LLC purchased a new position in Serve Robotics during the 4th quarter valued at about $248,000. LPL Financial LLC purchased a new stake in shares of Serve Robotics in the fourth quarter worth about $294,000. Vanguard Group Inc. lifted its holdings in shares of Serve Robotics by 74.6% in the fourth quarter. Vanguard Group Inc. now owns 1,274,303 shares of the company's stock worth $17,203,000 after buying an additional 544,537 shares in the last quarter. DnB Asset Management AS lifted its holdings in shares of Serve Robotics by 52.3% in the fourth quarter. DnB Asset Management AS now owns 21,356 shares of the company's stock worth $288,000 after buying an additional 7,336 shares in the last quarter. Finally, CIBC Private Wealth Group LLC purchased a new stake in shares of Serve Robotics in the fourth quarter worth about $34,000.

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.