Serve Robotics (NASDAQ:SERV) Shares Down 5.4% – Here’s Why

Shares of Serve Robotics Inc. (NASDAQ:SERV) were down 5.4% on Thursday . The stock traded as low as $13.30 and last traded at $13.38. Approximately 5,695,337 shares traded hands during mid-day trading, a decline of 39% from the average daily volume of 9,411,125 shares. The stock had previously closed at $14.14.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Northland Capmk raised Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. Northland Securities assumed coverage on shares of Serve Robotics in a report on Friday, October 18th. They set an “outperform” rating and a $16.00 price target on the stock. LADENBURG THALM/SH SH began coverage on shares of Serve Robotics in a report on Monday, October 28th. They set a “buy” rating and a $16.00 price objective for the company. Finally, Seaport Res Ptn upgraded shares of Serve Robotics to a “strong-buy” rating in a research report on Monday, October 7th. Two investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat.com, Serve Robotics presently has an average rating of “Strong Buy” and an average target price of $16.00.

Serve Robotics Stock Down 5.0 %

The company’s 50 day moving average price is $9.98 and its two-hundred day moving average price is $8.18.

Insiders Place Their Bets

In related news, CEO Ali Kashani sold 22,500 shares of the company’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $14.93, for a total value of $335,925.00. Following the completion of the transaction, the chief executive officer now owns 3,306,998 shares of the company’s stock, valued at approximately $49,373,480.14. This represents a 0.68 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Touraj Parang sold 50,000 shares of the stock in a transaction dated 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 of the company’s stock, valued at $15,113,072.61. This represents a 4.12 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 190,961 shares of company stock worth $2,118,183. Company 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 stock. Tidal Investments LLC bought a new position in Serve Robotics during the third quarter valued at approximately $262,000. Geode Capital Management LLC increased its position in shares of 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 during the period. Gordian Capital Singapore Pte Ltd bought a new position in shares of Serve Robotics during the 3rd quarter worth $68,000. State Street Corp bought a new position in Serve Robotics in the third quarter worth approximately $333,000. Finally, Quadrature Capital Ltd bought a new position in Serve Robotics in the third quarter worth about $148,000.

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.