Serve Robotics (NASDAQ:SERV) Shares Down 5.6% – Here’s What Happened

Serve Robotics Inc. (NASDAQ:SERV) shares dropped 5.6% on Friday . The stock traded as low as $12.20 and last traded at $12.37. Approximately 3,781,111 shares traded hands during trading, a decline of 72% from the average daily volume of 13,342,609 shares. The stock had previously closed at $13.10.

Analysts Set New Price Targets

SERV has been the topic of several recent research reports. LADENBURG THALM/SH SH initiated coverage on shares of Serve Robotics in a research report on Monday, October 28th. They set a “buy” rating and a $16.00 price objective on the stock. Northland Securities lifted their price target on shares of Serve Robotics from $16.00 to $23.00 and gave the company an “outperform” rating in a research report on Wednesday, January 15th. Two investment analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Strong Buy” and a consensus price target of $19.50.

Serve Robotics Price Performance

The stock’s 50-day moving average price is $16.57 and its 200 day moving average price is $11.94.

Insider Buying and Selling

In other Serve Robotics news, COO Touraj Parang sold 50,000 shares of Serve Robotics stock in a transaction on Monday, December 9th. The shares were sold at an average price of $12.99, for a total transaction of $649,500.00. Following the sale, the chief operating officer now owns 1,163,439 shares in the company, valued at $15,113,072.61. The trade was a 4.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Ali Kashani sold 9,719 shares of Serve Robotics stock in a transaction on Monday, November 25th. The stock was sold at an average price of $8.77, for a total transaction of $85,235.63. Following the sale, the chief executive officer now owns 3,355,238 shares in the company, valued at $29,425,437.26. This represents a 0.29 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 185,793 shares of company stock valued at $2,733,515. 21.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Serve Robotics

Several institutional investors and hedge funds have recently made changes to their positions in the company. Larson Financial Group LLC bought a new position in shares of Serve Robotics in the third quarter valued at about $26,000. Blue Trust Inc. bought a new position in shares of Serve Robotics in the fourth quarter valued at about $27,000. CIBC Private Wealth Group LLC bought a new position in shares of Serve Robotics in the fourth quarter valued at about $34,000. Bogart Wealth LLC bought a new position in shares of Serve Robotics in the fourth quarter valued at about $37,000. Finally, Gordian Capital Singapore Pte Ltd bought a new stake in Serve Robotics during the 3rd quarter worth about $68,000.

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.