Serve Robotics (NASDAQ:SERV) Shares Down 10% – Here’s What Happened

Serve Robotics Inc. (NASDAQ:SERV) shares dropped 10% on Monday . The stock traded as low as $6.58 and last traded at $6.69. Approximately 1,494,349 shares traded hands during trading, a decline of 87% from the average daily volume of 11,481,872 shares. The stock had previously closed at $7.43.

Wall Street Analysts Forecast Growth

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

Serve Robotics Stock Up 4.3 %

The stock has a 50-day moving average of $14.99 and a 200 day moving average of $11.63. The stock has a market cap of $308.76 million and a PE ratio of -5.81.

Insider Transactions at Serve Robotics

In related news, CEO Ali Kashani sold 3,713 shares of the firm’s stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $9.21, for a total transaction of $34,196.73. Following the completion of the sale, the chief executive officer now directly owns 3,225,852 shares in the company, valued at approximately $29,710,096.92. This trade represents a 0.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold a total of 93,031 shares of company stock worth $1,613,030 in the last quarter. Company insiders own 21.40% of the company’s stock.

Hedge Funds Weigh In On Serve Robotics

Several institutional investors and hedge funds have recently bought and sold shares of the company. GSA Capital Partners LLP purchased a new stake in shares of Serve Robotics during the 3rd quarter valued at approximately $152,000. Larson Financial Group LLC acquired a new stake in Serve Robotics during the third quarter worth $26,000. Quadrature Capital Ltd purchased a new stake in Serve Robotics in the third quarter valued at $148,000. State Street Corp acquired a new position in shares of Serve Robotics in the 3rd quarter valued at $333,000. Finally, Gordian Capital Singapore Pte Ltd purchased a new position in shares of Serve Robotics during the 3rd quarter worth $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.