Serve Robotics (NASDAQ:SERV) Trading Down 11.3% – Here’s Why

Serve Robotics Inc. (NASDAQ:SERV)’s stock price fell 11.3% during mid-day trading on Monday . The company traded as low as $10.54 and last traded at $10.65. 4,093,212 shares traded hands during trading, a decline of 69% from the average session volume of 13,202,591 shares. The stock had previously closed at $12.01.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Northland Securities set a $23.00 target price on Serve Robotics in a report on Tuesday, February 18th. LADENBURG THALM/SH SH initiated coverage on shares of Serve Robotics in a research note on Monday, October 28th. They issued a “buy” rating and a $16.00 price target on the stock. Two analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Strong Buy” and a consensus price target of $19.50.

Serve Robotics Price Performance

The firm has a 50-day moving average of $16.55 and a 200-day moving average of $11.88.

Insider Activity

In other Serve Robotics news, COO Touraj Parang sold 50,000 shares of the business’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $12.99, for a total transaction of $649,500.00. Following the completion of the sale, the chief operating officer now directly owns 1,163,439 shares in the company, valued at $15,113,072.61. The trade was a 4.12 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Ali Kashani sold 31,791 shares of the stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $11.39, for a total transaction of $362,099.49. Following the completion of the transaction, the chief executive officer now owns 3,346,998 shares in the company, valued at $38,122,307.22. This trade represents a 0.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 173,978 shares of company stock valued at $2,629,874 over the last ninety days. 21.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Serve Robotics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Larson Financial Group LLC purchased a new position in shares of Serve Robotics during the 3rd quarter worth $26,000. Blue Trust Inc. purchased a new position in Serve Robotics during the fourth quarter valued at $27,000. CIBC Private Wealth Group LLC purchased a new position in Serve Robotics during the fourth quarter valued at $34,000. Bogart Wealth LLC bought a new stake in Serve Robotics during the fourth quarter valued at about $37,000. Finally, Gordian Capital Singapore Pte Ltd purchased a new stake in Serve Robotics in the third 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.