Serve Robotics (NASDAQ:SERV) Shares Down 5.5% – Here’s What Happened

Shares of Serve Robotics Inc. (NASDAQ:SERV) dropped 5.5% on Thursday . The stock traded as low as $17.24 and last traded at $17.48. Approximately 6,923,468 shares traded hands during trading, a decline of 55% from the average daily volume of 15,412,984 shares. The stock had previously closed at $18.49.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on SERV. LADENBURG THALM/SH SH started coverage on Serve Robotics in a report on Monday, October 28th. They issued a “buy” rating and a $16.00 price target for the company. Northland Securities raised their target price on shares of Serve Robotics from $16.00 to $23.00 and gave the stock an “outperform” rating in a report on Wednesday. Seaport Res Ptn upgraded shares of Serve Robotics to a “strong-buy” rating in a report on Monday, October 7th. Finally, Northland Capmk raised shares of Serve Robotics to a “strong-buy” rating in a research note on Friday, October 18th. Two investment 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, the stock currently has an average rating of “Strong Buy” and a consensus target price of $19.50.

Serve Robotics Price Performance

The firm’s 50 day simple moving average is $12.57 and its 200-day simple moving average is $10.13.

Insider Buying and Selling at Serve Robotics

In other Serve Robotics news, Director James Buckly Jordan sold 64,408 shares of the stock in a transaction dated 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 $3,848,375.64. This represents a 12.54 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Ali Kashani sold 9,719 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $8.77, for a total transaction of $85,235.63. Following the completion of the transaction, the chief executive officer now owns 3,355,238 shares of the company’s stock, valued at $29,425,437.26. The trade was a 0.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 253,027 shares of company stock valued at $3,309,166 in the last quarter. 21.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in SERV. Yong Rong HK Asset Management Ltd acquired a new stake in shares of Serve Robotics in the 3rd quarter valued at $9,636,000. Thomist Capital Management LP bought a new position in Serve Robotics in the second quarter valued at about $407,000. Geode Capital Management LLC raised its stake 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. State Street Corp bought a new position in shares of Serve Robotics in the third quarter worth about $333,000. Finally, Tidal Investments LLC acquired a new stake in shares of Serve Robotics in the 3rd quarter valued at approximately $262,000.

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.