Serve Robotics (NASDAQ:SERV) Trading Down 2.8% – Time to Sell?

Serve Robotics Inc. (NASDAQ:SERV)’s stock price fell 2.8% during mid-day trading on Monday . The company traded as low as $12.31 and last traded at $12.58. 2,671,894 shares were traded during trading, a decline of 73% from the average session volume of 10,047,053 shares. The stock had previously closed at $12.95.

Analysts Set New Price Targets

Several brokerages have weighed in on SERV. Northland Securities set a $23.00 price objective on Serve Robotics in a report on Tuesday, February 18th. Cantor Fitzgerald started coverage on Serve Robotics in a research report 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 issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Strong Buy” and a consensus price target of $18.67.

Serve Robotics Price Performance

The firm’s 50-day simple moving average is $7.95 and its 200 day simple moving average is $11.15. The firm has a market capitalization of $711.90 million, a price-to-earnings ratio of -11.85 and a beta of 1.67.

Insiders Place Their Bets

In other news, CFO Brian Read sold 29,100 shares of the firm’s stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $7.06, for a total transaction of $205,446.00. Following the transaction, the chief financial officer now directly owns 240,900 shares of the company’s stock, valued at approximately $1,700,754. This trade represents a 10.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold 58,164 shares of company stock worth $455,198 over the last quarter. 5.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Serve Robotics

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