Serve Robotics (NASDAQ:SERV) Stock Price Down 6.3% – What’s Next?

Serve Robotics Inc. (NASDAQ:SERV)’s stock price was down 6.3% on Tuesday . The stock traded as low as $7.33 and last traded at $7.34. Approximately 1,615,726 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 9,695,661 shares. The stock had previously closed at $7.83.

Analysts Set New Price Targets

Separately, Northland Securities set a $23.00 price objective on shares of Serve Robotics in a research report on Tuesday, February 18th. Two 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 company has a consensus rating of “Strong Buy” and a consensus target price of $19.50.

Serve Robotics Trading Up 2.9 %

The firm has a market cap of $421.19 million and a PE ratio of -6.17. The business has a fifty day moving average price of $13.77 and a 200 day moving average price of $11.54.

Insider Activity at Serve Robotics

In other news, CEO Ali Kashani sold 2,500 shares of the company’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $14.70, for a total value of $36,750.00. Following the completion of the transaction, the chief executive officer now owns 3,295,990 shares in the company, valued at approximately $48,451,053. This represents a 0.08 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders sold 66,570 shares of company stock valued at $1,222,484 over the last three months. 21.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Serve Robotics

Institutional investors and hedge funds have recently bought and sold shares of the stock. Blue Trust Inc. purchased a new position in shares of Serve Robotics during the fourth quarter worth about $27,000. CIBC Private Wealth Group LLC purchased a new position in Serve Robotics during the 4th quarter worth approximately $34,000. Bogart Wealth LLC acquired a new position in Serve Robotics during the fourth quarter worth approximately $37,000. Larson Financial Group LLC acquired a new stake in shares of Serve Robotics in the third quarter valued at approximately $26,000. Finally, SG Americas Securities LLC acquired a new position in shares of Serve Robotics in the 4th quarter valued at $114,000.

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.