Serve Robotics (NASDAQ:SERV) Stock Price Down 3.1% – What’s Next?

Shares of Serve Robotics Inc. (NASDAQ:SERV) fell 3.1% on Thursday . The stock traded as low as $12.12 and last traded at $12.36. 3,807,110 shares changed hands during trading, a decline of 62% from the average session volume of 10,082,176 shares. The stock had previously closed at $12.76.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Cantor Fitzgerald assumed coverage on shares of Serve Robotics in a research report on Thursday, May 22nd. They set an “overweight” rating on the stock. Northland Securities set a $23.00 price target on shares of Serve Robotics in a research report on Tuesday, February 18th. Three analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Strong Buy” and an average target price of $18.67.

Serve Robotics Stock Performance

The firm’s 50-day moving average price is $8.61 and its two-hundred day moving average price is $11.23. The stock has a market cap of $621.95 million, a price-to-earnings ratio of -10.29 and a beta of 1.67.

Insider Activity

In other Serve Robotics news, CFO Brian Read sold 29,100 shares of the company’s stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $7.06, for a total value of $205,446.00. Following the transaction, the chief financial officer now owns 240,900 shares of the company’s stock, valued at $1,700,754. This represents a 10.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. In the last quarter, insiders have sold 60,164 shares of company stock valued at $480,378. 5.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Uber Technologies Inc acquired a new position in Serve Robotics in the fourth quarter valued at about $71,534,000. Vanguard Group Inc. lifted its position in Serve Robotics by 74.6% in the fourth quarter. Vanguard Group Inc. now owns 1,274,303 shares of the company’s stock valued at $17,203,000 after buying an additional 544,537 shares during the last quarter. Exchange Traded Concepts LLC lifted its position in Serve Robotics by 31.4% in the first quarter. Exchange Traded Concepts LLC now owns 882,522 shares of the company’s stock valued at $5,075,000 after buying an additional 210,977 shares during the last quarter. Capital Fund Management S.A. acquired a new position in Serve Robotics in the first quarter valued at about $4,244,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Serve Robotics by 616.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 679,014 shares of the company’s stock valued at $3,972,000 after buying an additional 584,302 shares during the last quarter.

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.