Serve Robotics (NASDAQ:SERV) Stock Price Down 11.3% – Here’s What Happened

Serve Robotics Inc. (NASDAQ:SERV) traded down 11.3% during mid-day trading on Monday . The company traded as low as $10.54 and last traded at $10.65. 4,093,212 shares were traded during mid-day trading, a decline of 69% from the average session volume of 13,202,591 shares. The stock had previously closed at $12.01.

Wall Street Analyst Weigh In

SERV has been the topic of several recent analyst reports. LADENBURG THALM/SH SH began coverage on shares of Serve Robotics in a research report on Monday, October 28th. They set a “buy” rating and a $16.00 price objective on the stock. Northland Securities set a $23.00 price target on Serve Robotics in a report 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’s stock. Based on data from MarketBeat.com, Serve Robotics has an average rating of “Strong Buy” and an average target price of $19.50.

Serve Robotics Trading Down 12.6 %

The firm’s 50-day moving average price is $16.55 and its 200-day moving average price is $11.88.

Insider Buying and Selling at Serve Robotics

In other Serve Robotics news, CEO Ali Kashani sold 2,500 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $13.52, for a total transaction of $33,800.00. Following the completion of the transaction, the chief executive officer now owns 3,344,498 shares in the company, valued at $45,217,612.96. This trade represents a 0.07 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, COO Touraj Parang sold 50,000 shares of the company’s stock in a transaction that occurred 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 directly owns 1,163,439 shares in the company, valued at $15,113,072.61. This trade represents a 4.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 173,978 shares of company stock worth $2,629,874. Insiders own 21.40% of the company’s stock.

Hedge Funds Weigh In On Serve Robotics

Several institutional investors have recently bought and sold shares of the business. Yong Rong HK Asset Management Ltd bought a new stake in shares of Serve Robotics in the 3rd quarter worth about $9,636,000. Quantum Private Wealth LLC bought a new stake in shares of Serve Robotics in the 3rd quarter valued at approximately $80,000. GSA Capital Partners LLP bought a new stake in shares of Serve Robotics in the 3rd quarter valued at approximately $152,000. Larson Financial Group LLC purchased a new position in shares of Serve Robotics in the 3rd quarter worth approximately $26,000. Finally, Quadrature Capital Ltd bought a new position in shares of Serve Robotics during the 3rd quarter valued at approximately $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.