Serve Robotics (NASDAQ:SERV) Shares Down 2.3% – Here’s Why

Serve Robotics Inc. (NASDAQ:SERV) shares were down 2.3% during mid-day trading on Tuesday . The company traded as low as $11.63 and last traded at $11.66. Approximately 1,887,462 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 9,898,614 shares. The stock had previously closed at $11.94.

Analysts Set New Price Targets

A number of equities research analysts have commented on SERV shares. Northland Securities set a $23.00 price objective on Serve Robotics in a research report on Tuesday, February 18th. Cantor Fitzgerald began coverage on shares of 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 three have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Strong Buy” and an average target price of $18.67.

Serve Robotics Stock Down 3.7%

The company has a 50-day moving average price of $7.48 and a 200-day moving average price of $11.05. The company has a market capitalization of $655.58 million and a price-to-earnings ratio of -10.85.

Insider Transactions at Serve Robotics

In related news, CFO Brian Read sold 3,000 shares of Serve Robotics stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $12.15, for a total transaction of $36,450.00. Following the sale, the chief financial officer now directly owns 221,000 shares of the company’s stock, valued at $2,685,150. This trade represents a 1.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last quarter, insiders have sold 58,164 shares of company stock worth $455,198. Insiders own 5.50% of the company’s stock.

Institutional Trading of Serve Robotics

Several institutional investors have recently made changes to their positions in the business. Uber Technologies Inc bought a new position in Serve Robotics during the fourth quarter worth about $71,534,000. Raymond James Financial Inc. acquired a new stake in shares of Serve Robotics in the 4th quarter valued at $1,978,000. Man Group plc bought a new position in Serve Robotics during the 4th quarter valued at about $467,000. Geode Capital Management LLC lifted its holdings in Serve Robotics by 36.6% during the 4th quarter. Geode Capital Management LLC now owns 178,780 shares of the company’s stock valued at $2,415,000 after purchasing an additional 47,927 shares during the last quarter. Finally, OMERS ADMINISTRATION Corp acquired a new stake in shares of Serve Robotics during the fourth quarter worth approximately $431,000.

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.