Serve Robotics (NASDAQ:SERV) Shares Down 5.6% – Here’s What Happened

Serve Robotics Inc. (NASDAQ:SERV)’s stock price was down 5.6% on Friday . The stock traded as low as $12.20 and last traded at $12.37. Approximately 3,781,111 shares were traded during trading, a decline of 72% from the average daily volume of 13,342,609 shares. The stock had previously closed at $13.10.

Analysts Set New Price Targets

Several analysts have weighed in on SERV shares. Northland Securities boosted their price objective on Serve Robotics from $16.00 to $23.00 and gave the stock an “outperform” rating in a report on Wednesday, January 15th. LADENBURG THALM/SH SH started coverage on Serve Robotics in a report on Monday, October 28th. They set a “buy” rating and a $16.00 price objective for the company. Two analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Strong Buy” and an average target price of $19.50.

Serve Robotics Price Performance

The business has a 50 day moving average price of $16.57 and a 200 day moving average price of $11.94.

Insider Activity

In related news, CEO Ali Kashani sold 31,791 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $11.39, for a total value of $362,099.49. Following the completion of the transaction, the chief executive officer now directly owns 3,346,998 shares in the company, valued at approximately $38,122,307.22. The trade was a 0.94 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Touraj Parang sold 50,000 shares of the business’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 of the company’s stock, valued at $15,113,072.61. This represents a 4.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 185,793 shares of company stock valued at $2,733,515 in the last ninety days. 21.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Serve Robotics

Several institutional investors and hedge funds have recently modified their holdings of the business. Two Sigma Investments LP bought a new position in shares of Serve Robotics during the 4th quarter worth approximately $815,000. Tidal Investments LLC grew its stake in shares of Serve Robotics by 57.6% during the 4th quarter. Tidal Investments LLC now owns 51,846 shares of the company’s stock worth $700,000 after acquiring an additional 18,948 shares in the last quarter. Man Group plc bought a new position in shares of Serve Robotics during the 4th quarter worth approximately $467,000. OMERS ADMINISTRATION Corp bought a new position in shares of Serve Robotics during the 4th quarter worth approximately $431,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Serve Robotics during the 4th quarter worth approximately $1,279,000.

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.