Serve Robotics (NASDAQ:SERV) Shares Down 4% – Here’s Why

Serve Robotics Inc. (NASDAQ:SERV) dropped 4% on Wednesday . The company traded as low as $13.63 and last traded at $14.14. Approximately 6,940,641 shares changed hands during mid-day trading, a decline of 27% from the average daily volume of 9,455,250 shares. The stock had previously closed at $14.73.

Analyst Upgrades and Downgrades

SERV has been the subject of a number of research analyst reports. Seaport Res Ptn raised shares of Serve Robotics to a “strong-buy” rating in a research note on Monday, October 7th. Northland Capmk raised shares of Serve Robotics to a “strong-buy” rating in a research note on Friday, October 18th. Northland Securities began coverage on shares of Serve Robotics in a research note on Friday, October 18th. They set an “outperform” rating and a $16.00 price target for the company. Finally, 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 price target for the company. Two investment analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat, Serve Robotics currently has a consensus rating of “Strong Buy” and an average price target of $16.00.

Serve Robotics Stock Down 4.0 %

The company’s 50 day simple moving average is $10.41 and its 200 day simple moving average is $8.54.

Insider Activity

In other news, COO Touraj Parang sold 50,000 shares of the company’s 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 completion of the transaction, the chief operating officer now owns 1,163,439 shares in the company, valued at $15,113,072.61. This represents a 4.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ali Kashani sold 2,500 shares of the stock in a transaction on Friday, December 20th. The stock was sold at an average price of $14.70, for a total transaction of $36,750.00. Following the transaction, the chief executive officer now owns 3,295,990 shares of the company’s stock, valued at $48,451,053. The trade was a 0.08 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 194,922 shares of company stock worth $2,178,354 over the last quarter. 21.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. Tidal Investments LLC acquired a new position in Serve Robotics during the third quarter worth $262,000. Geode Capital Management LLC raised its position in Serve Robotics by 128.1% during the third quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock worth $1,041,000 after acquiring an additional 73,496 shares in the last quarter. Gordian Capital Singapore Pte Ltd bought a new stake in Serve Robotics during the third quarter worth $68,000. State Street Corp bought a new stake in Serve Robotics during the third quarter worth $333,000. Finally, Quadrature Capital Ltd bought a new stake in Serve Robotics during the third quarter worth $148,000.

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.