Serve Robotics (NASDAQ:SERV) Trading Down 4% – Here’s Why

Serve Robotics Inc. (NASDAQ:SERV) shares dropped 4% during mid-day trading on Wednesday . The stock traded as low as $13.63 and last traded at $14.14. Approximately 6,940,641 shares traded hands during mid-day trading, a decline of 27% from the average daily volume of 9,455,250 shares. The stock had previously closed at $14.73.

Analyst Upgrades and Downgrades

SERV has been the subject of a number of analyst reports. LADENBURG THALM/SH SH started coverage on Serve Robotics in a research report on Monday, October 28th. They set a “buy” rating and a $16.00 price objective for the company. Northland Securities initiated coverage on shares of Serve Robotics in a report on Friday, October 18th. They set an “outperform” rating and a $16.00 price target for the company. Northland Capmk upgraded shares of Serve Robotics to a “strong-buy” rating in a report on Friday, October 18th. Finally, Seaport Res Ptn upgraded shares of Serve Robotics to a “strong-buy” rating in a research note on Monday, October 7th. 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, Serve Robotics has a consensus rating of “Strong Buy” and a consensus target price of $16.00.

Serve Robotics Price Performance

The business’s fifty day moving average price is $10.69 and its 200 day moving average price is $8.64.

Insider Buying and Selling at Serve Robotics

In other news, Director James Buckly Jordan sold 64,408 shares of the business’s stock in a transaction that occurred on 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Ali Kashani sold 22,500 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $14.93, for a total value of $335,925.00. Following the sale, the chief executive officer now owns 3,306,998 shares of the company’s stock, valued at $49,373,480.14. This trade represents a 0.68 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 194,922 shares of company stock worth $2,178,354. 21.40% of the stock is owned by company insiders.

Institutional Trading of Serve Robotics

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Larson Financial Group LLC acquired a new stake in Serve Robotics in the third quarter valued at about $26,000. Bfsg LLC purchased a new position in shares of Serve Robotics during the 3rd quarter worth approximately $38,000. Gordian Capital Singapore Pte Ltd acquired a new stake in shares of Serve Robotics in the 3rd quarter valued at approximately $68,000. Quantum Private Wealth LLC purchased a new stake in shares of Serve Robotics in the third quarter valued at approximately $80,000. Finally, Quadrature Capital Ltd acquired a new position in Serve Robotics during the third quarter worth $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.