Serve Robotics (NASDAQ:SERV) Shares Down 1.6% – What’s Next?

Shares of Serve Robotics Inc. (NASDAQ:SERV) were down 1.6% on Friday . The stock traded as low as $10.60 and last traded at $10.78. Approximately 3,183,535 shares traded hands during mid-day trading, a decline of 69% from the average daily volume of 10,404,568 shares. The stock had previously closed at $10.95.

Analysts Set New Price Targets

Separately, Cantor Fitzgerald started coverage on Serve Robotics in a research report on Thursday, May 22nd. They issued an “overweight” rating for the company. Three equities research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. According to MarketBeat.com, Serve Robotics presently has a consensus rating of “Strong Buy” and a consensus target price of $18.67.

Serve Robotics Price Performance

The company has a market capitalization of $614.28 million, a PE ratio of -10.16 and a beta of 0.13. The company has a 50 day moving average of $10.18 and a two-hundred day moving average of $11.18.

Insiders Place Their Bets

In related news, 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 transaction of $113,741.00. Following the sale, the director directly owned 50,725 shares of the company’s stock, valued at $539,206.75. This trade represents a 17.42% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Brian Read sold 2,000 shares of the stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $12.59, for a total value of $25,180.00. Following the completion of the transaction, the chief financial officer directly owned 217,705 shares in the company, valued at approximately $2,740,905.95. This represents a 0.91% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 69,174 shares of company stock worth $586,163. Insiders own 5.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. CIBC Private Wealth Group LLC bought a new stake in Serve Robotics during the 4th quarter valued at approximately $34,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in Serve Robotics in the 1st quarter worth approximately $49,000. KLP Kapitalforvaltning AS bought a new stake in Serve Robotics in the 1st quarter worth approximately $49,000. Charles Schwab Investment Management Inc. increased its stake in Serve Robotics by 13.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 12,728 shares of the company’s stock worth $73,000 after acquiring an additional 1,545 shares during the last quarter. Finally, Arkadios Wealth Advisors bought a new stake in Serve Robotics in the 1st quarter worth approximately $74,000.

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.