Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) shares dropped 0.9% on Wednesday . The stock traded as low as $8.23 and last traded at $8.33. Approximately 1,203,686 shares traded hands during mid-day trading, a decline of 90% from the average daily volume of 11,882,264 shares. The stock had previously closed at $8.40.
Wall Street Analyst Weigh In
Separately, Northland Securities set a $23.00 target price on shares of Serve Robotics in a research note on Tuesday, February 18th. Two equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Strong Buy" and a consensus target price of $19.50.
View Our Latest Report on SERV
Serve Robotics Stock Down 11.9 %
The company has a market cap of $289.97 million and a P/E ratio of -5.49. The business has a 50-day moving average price of $15.29 and a two-hundred day moving average price of $11.68.
Insiders Place Their Bets
In other news, CEO Ali Kashani sold 2,500 shares of Serve Robotics stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $12.48, for a total transaction of $31,200.00. Following the completion of the sale, the chief executive officer now owns 3,329,498 shares in the company, valued at $41,552,135.04. The trade was a 0.08 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In the last three months, insiders sold 93,031 shares of company stock valued at $1,613,030. 21.40% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Serve Robotics
Hedge funds and other institutional investors have recently bought and sold shares of the business. Larson Financial Group LLC acquired a new position in shares of Serve Robotics in the 3rd quarter valued at $26,000. Blue Trust Inc. bought a new stake in Serve Robotics in the fourth quarter valued at about $27,000. CIBC Private Wealth Group LLC acquired a new position in Serve Robotics in the fourth quarter valued at about $34,000. Bogart Wealth LLC bought a new position in Serve Robotics during the fourth quarter worth about $37,000. Finally, Gordian Capital Singapore Pte Ltd acquired a new position in shares of Serve Robotics during the 3rd quarter worth about $68,000.
About Serve Robotics
(
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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.
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