Serve Robotics (NASDAQ:SERV) Shares Down 4.2% – Here’s Why

Serve Robotics Inc. (NASDAQ:SERV) traded down 4.2% during mid-day trading on Tuesday . The company traded as low as $19.85 and last traded at $20.22. 3,097,651 shares traded hands during trading, a decline of 73% from the average session volume of 11,532,460 shares. The stock had previously closed at $21.10.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on SERV shares. Northland Securities increased their target price on shares of Serve Robotics from $16.00 to $23.00 and gave the company an “outperform” rating in a research report on Wednesday, January 15th. LADENBURG THALM/SH SH began coverage on Serve Robotics in a research note on Monday, October 28th. They issued a “buy” rating and a $16.00 price objective on the stock. Finally, Northland Capmk raised Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. Two equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Strong Buy” and an average price target of $19.50.

Serve Robotics Trading Down 9.5 %

The business’s 50-day simple moving average is $15.79 and its two-hundred day simple moving average is $11.89.

Insider Activity at Serve Robotics

In related news, COO Touraj Parang sold 50,000 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $12.99, for a total value of $649,500.00. Following the sale, the chief operating officer now owns 1,163,439 shares in the company, valued at approximately $15,113,072.61. This trade represents a 4.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director James Buckly Jordan sold 64,408 shares of the business’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $8.57, for a total value of $551,976.56. Following the transaction, the director now owns 449,052 shares of the company’s stock, valued at approximately $3,848,375.64. The trade was a 12.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 253,027 shares of company stock worth $3,309,166. Corporate insiders own 21.40% of the company’s stock.

Institutional Trading of Serve Robotics

Institutional investors and hedge funds have recently modified their holdings of the business. Yong Rong HK Asset Management Ltd purchased a new stake in Serve Robotics in the third quarter valued at approximately $9,636,000. Exchange Traded Concepts LLC purchased a new position in Serve Robotics in the 4th quarter worth approximately $9,066,000. Raymond James Financial Inc. bought a new position in shares of Serve Robotics in the 4th quarter worth $1,978,000. Geode Capital Management LLC raised its position in shares of Serve Robotics by 128.1% during the 3rd quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock valued at $1,041,000 after buying an additional 73,496 shares in the last quarter. Finally, State Street Corp bought a new stake in shares of Serve Robotics during the 3rd quarter worth $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.