Serve Robotics (NASDAQ:SERV) Trading Down 6.4% – Here’s What Happened

Serve Robotics Inc. (NASDAQ:SERV) shares traded down 6.4% during mid-day trading on Friday . The stock traded as low as $10.98 and last traded at $11.14. 2,647,537 shares were traded during mid-day trading, a decline of 74% from the average session volume of 10,101,576 shares. The stock had previously closed at $11.90.

Analyst Upgrades and Downgrades

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

Serve Robotics Price Performance

The firm has a market cap of $621.95 million, a price-to-earnings ratio of -10.29 and a beta of 1.67. The firm has a fifty day simple moving average of $8.61 and a two-hundred day simple moving average of $11.25.

Insiders Place Their Bets

In other Serve Robotics news, CFO Brian Read sold 7,000 shares of the firm’s stock in a transaction dated Friday, May 9th. The stock was sold at an average price of $8.03, for a total value of $56,210.00. Following the completion of the sale, the chief financial officer now owns 233,900 shares of the company’s stock, valued at approximately $1,878,217. This trade represents a 2.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last 90 days, insiders sold 60,164 shares of company stock valued at $480,378. 5.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Serve Robotics

Several institutional investors have recently added to or reduced their stakes in the business. Uber Technologies Inc acquired a new stake in shares of Serve Robotics during the fourth quarter worth about $71,534,000. Capital Fund Management S.A. acquired a new stake in shares of Serve Robotics during the first quarter worth about $4,244,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Serve Robotics by 616.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 679,014 shares of the company’s stock worth $3,972,000 after purchasing an additional 584,302 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Serve Robotics by 74.6% during the fourth quarter. Vanguard Group Inc. now owns 1,274,303 shares of the company’s stock worth $17,203,000 after purchasing an additional 544,537 shares during the period. Finally, Legal & General Group Plc acquired a new stake in shares of Serve Robotics during the fourth quarter worth about $6,629,000.

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.