Serve Robotics (NASDAQ:SERV) Shares Down 2.1% – Here’s Why

Serve Robotics Inc. (NASDAQ:SERV)’s stock price dropped 2.1% during trading on Thursday . The stock traded as low as $7.64 and last traded at $8.10. Approximately 1,690,013 shares were traded during trading, a decline of 86% from the average daily volume of 11,762,455 shares. The stock had previously closed at $8.28.

Analyst Upgrades and Downgrades

Separately, Northland Securities set a $23.00 target price on Serve Robotics in a research report on Tuesday, February 18th. Two research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Strong Buy” and an average price target of $19.50.

Serve Robotics Stock Performance

The business has a 50-day moving average price of $15.67 and a 200 day moving average price of $11.72.

Insider Activity

In other news, COO Touraj Parang sold 50,000 shares of Serve Robotics stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $12.99, for a total value of $649,500.00. Following the transaction, the chief operating officer now directly owns 1,163,439 shares of the company’s stock, valued at $15,113,072.61. This trade represents a 4.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Ali Kashani sold 31,791 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $11.39, for a total transaction of $362,099.49. Following the sale, the chief executive officer now owns 3,346,998 shares in the company, valued at $38,122,307.22. This represents a 0.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 178,420 shares of company stock valued at $2,670,870 over the last three months. Insiders own 21.40% of the company’s stock.

Hedge Funds Weigh In On Serve Robotics

Several institutional investors and hedge funds have recently added to or reduced their stakes in SERV. Larson Financial Group LLC acquired a new stake in shares of Serve Robotics in the third quarter worth $26,000. Blue Trust Inc. acquired a new stake in Serve Robotics during the 4th quarter worth about $27,000. CIBC Private Wealth Group LLC purchased a new position in Serve Robotics during the 4th quarter valued at about $34,000. Bogart Wealth LLC acquired a new position in shares of Serve Robotics in the 4th quarter valued at about $37,000. Finally, Gordian Capital Singapore Pte Ltd purchased a new stake in shares of Serve Robotics in the third quarter worth approximately $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.