Serve Robotics (NASDAQ:SERV) Stock Price Down 5.3% – Here’s What Happened

Serve Robotics Inc. (NASDAQ:SERV) dropped 5.3% during trading on Wednesday . The stock traded as low as $12.15 and last traded at $13.01. Approximately 3,695,029 shares changed hands during mid-day trading, a decline of 60% from the average daily volume of 9,262,646 shares. The stock had previously closed at $13.74.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Seaport Res Ptn raised shares of Serve Robotics to a “strong-buy” rating in a research note on Monday, October 7th. LADENBURG THALM/SH SH assumed coverage on shares of Serve Robotics in a research note on Monday, October 28th. They set a “buy” rating and a $16.00 target price on the stock. Northland Capmk raised shares of Serve Robotics to a “strong-buy” rating in a research note on Friday, October 18th. Finally, Northland Securities assumed coverage on shares of Serve Robotics in a research note on Friday, October 18th. They set an “outperform” rating and a $16.00 target price on the stock. Two analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Strong Buy” and a consensus target price of $16.00.

Serve Robotics Price Performance

The stock’s 50-day simple moving average is $9.41 and its 200 day simple moving average is $7.75.

Insider Buying and Selling at Serve Robotics

In other Serve Robotics news, Director James Buckly Jordan sold 64,408 shares of the business’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $8.57, for a total transaction of $551,976.56. Following the sale, the director now directly owns 449,052 shares in the company, valued at approximately $3,848,375.64. The trade was a 12.54 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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 value of $85,235.63. Following the transaction, the chief executive officer now directly owns 3,355,238 shares of the company’s stock, valued at $29,425,437.26. This trade represents a 0.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 165,961 shares of company stock worth $1,751,058 over the last three months. Insiders own 21.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Yong Rong HK Asset Management Ltd purchased a new stake in shares of Serve Robotics during the 3rd quarter worth about $9,636,000. Thomist Capital Management LP acquired a new stake in Serve Robotics in the second quarter worth $407,000. Geode Capital Management LLC grew its stake in shares of Serve Robotics by 128.1% in the third quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock worth $1,041,000 after purchasing an additional 73,496 shares in the last quarter. PFG Investments LLC bought a new position in Serve Robotics during the second quarter valued at about $110,000. Finally, State Street Corp bought a new position in Serve Robotics during the third quarter valued at about $333,000.

Serve Robotics Company Profile

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.