Serve Robotics (NASDAQ:SERV) Trading Down 9.7% – What’s Next?

Serve Robotics Inc. (NASDAQ:SERV)’s share price dropped 9.7% during trading on Tuesday . The company traded as low as $11.63 and last traded at $12.51. Approximately 15,345,986 shares traded hands during mid-day trading, an increase of 18% from the average daily volume of 13,038,644 shares. The stock had previously closed at $13.85.

Analysts Set New Price Targets

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

Serve Robotics Price Performance

The company has a fifty day simple moving average of $16.52 and a two-hundred day simple moving average of $11.92.

Insider Activity at Serve Robotics

In other news, COO Touraj Parang sold 50,000 shares of the business’s 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 completion of the transaction, the chief operating officer now directly owns 1,163,439 shares of the company’s stock, valued at $15,113,072.61. The trade was a 4.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Ali Kashani sold 2,500 shares of the business’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $13.52, for a total value of $33,800.00. Following the completion of the transaction, the chief executive officer now directly owns 3,344,498 shares of the company’s stock, valued at approximately $45,217,612.96. This trade represents a 0.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 251,555 shares of company stock valued at $3,297,405. Insiders own 21.40% of the company’s stock.

Hedge Funds Weigh In On Serve Robotics

A number of institutional investors have recently made changes to their positions in SERV. Larson Financial Group LLC acquired a new position in shares of Serve Robotics in the third quarter worth $26,000. Blue Trust Inc. acquired a new position in shares of Serve Robotics in the fourth quarter worth $27,000. CIBC Private Wealth Group LLC acquired a new position in shares of Serve Robotics in the fourth quarter worth $34,000. Bogart Wealth LLC acquired a new position in shares of Serve Robotics in the fourth quarter worth $37,000. Finally, Gordian Capital Singapore Pte Ltd acquired a new position in shares of Serve Robotics in the third quarter worth $68,000.

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.