Serve Robotics (NASDAQ:SERV) Trading Down 8.8% – Here’s What Happened

Shares of Serve Robotics Inc. (NASDAQ:SERV) dropped 8.8% during trading on Monday . The stock traded as low as $13.07 and last traded at $13.32. Approximately 5,462,877 shares traded hands during mid-day trading, a decline of 42% from the average daily volume of 9,439,242 shares. The stock had previously closed at $14.61.

Wall Street Analyst Weigh In

Several research firms recently weighed in on SERV. Northland Securities started coverage on shares of Serve Robotics in a report on Friday, October 18th. They set an “outperform” rating and a $16.00 price target on the stock. Northland Capmk upgraded Serve Robotics to a “strong-buy” rating in a research note on Friday, October 18th. LADENBURG THALM/SH SH initiated coverage on Serve Robotics in a research report on Monday, October 28th. They set a “buy” rating and a $16.00 price target for the company. Finally, Seaport Res Ptn raised shares of Serve Robotics to a “strong-buy” rating in a research report on Monday, October 7th. Two investment analysts have rated the stock with a buy rating and three have given 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 price target of $16.00.

Serve Robotics Stock Down 5.6 %

The business’s 50 day moving average is $10.18 and its two-hundred day moving average is $8.38.

Insider Buying and Selling at Serve Robotics

In other news, CEO Ali Kashani sold 22,500 shares of Serve Robotics stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $14.93, for a total transaction of $335,925.00. Following the completion of the sale, the chief executive officer now owns 3,306,998 shares in the company, valued at approximately $49,373,480.14. This trade represents a 0.68 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director James Buckly Jordan sold 64,408 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $8.57, for a total transaction of $551,976.56. Following the completion of the transaction, the director now owns 449,052 shares in the company, valued at approximately $3,848,375.64. This trade represents a 12.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 192,422 shares of company stock valued at $2,141,604 in the last quarter. 21.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Serve Robotics

Several institutional investors have recently modified their holdings of the company. PFG Investments LLC bought a new position in shares of Serve Robotics during the 2nd quarter valued at $110,000. Thomist Capital Management LP bought a new position in shares of Serve Robotics during the second quarter valued at about $407,000. Bfsg LLC purchased a new position in shares of Serve Robotics in the third quarter worth about $38,000. Harbour Capital Advisors LLC bought a new stake in shares of Serve Robotics in the 3rd quarter valued at about $198,000. Finally, Yong Rong HK Asset Management Ltd bought a new stake in shares of Serve Robotics in the 3rd quarter valued at about $9,636,000.

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.