Serve Robotics (NASDAQ:SERV) Stock Price Down 4.4% – What’s Next?

Serve Robotics Inc. (NASDAQ:SERV)’s stock price fell 4.4% on Tuesday . The company traded as low as $13.99 and last traded at $14.59. 2,888,425 shares traded hands during trading, a decline of 69% from the average session volume of 9,435,514 shares. The stock had previously closed at $15.26.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on SERV. Northland Capmk raised shares of Serve Robotics to a “strong-buy” rating in a research note on Friday, October 18th. Northland Securities started coverage on Serve Robotics in a research note on Friday, October 18th. They set an “outperform” rating and a $16.00 price target for the company. Seaport Res Ptn raised Serve Robotics to a “strong-buy” rating in a research note on Monday, October 7th. Finally, LADENBURG THALM/SH SH started coverage on shares of Serve Robotics in a research note on Monday, October 28th. They set a “buy” rating and a $16.00 price objective for the company. Two research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Strong Buy” and an average target price of $16.00.

Serve Robotics Price Performance

The company’s 50-day simple moving average is $11.01 and its 200-day simple moving average is $8.99.

Insider Activity

In related news, CEO Ali Kashani sold 2,500 shares of the company’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $13.52, for a total value of $33,800.00. Following the sale, the chief executive officer now directly owns 3,344,498 shares of the company’s stock, valued at $45,217,612.96. This represents a 0.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 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 transaction of $551,976.56. Following the completion of the sale, the director now directly owns 449,052 shares of the company’s stock, valued at $3,848,375.64. The trade was a 12.54 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 207,422 shares of company stock worth $2,374,854. 21.40% of the stock is currently owned by company insiders.

Institutional Trading of Serve Robotics

Several institutional investors and hedge funds have recently bought and sold shares of SERV. Larson Financial Group LLC bought a new position in Serve Robotics during the third quarter worth $26,000. Bfsg LLC acquired a new position in shares of Serve Robotics in the 3rd quarter valued at about $38,000. Gordian Capital Singapore Pte Ltd bought a new stake in shares of Serve Robotics during the 3rd quarter valued at about $68,000. Quantum Private Wealth LLC bought a new stake in shares of Serve Robotics during the 3rd quarter valued at about $80,000. Finally, PFG Investments LLC acquired a new stake in Serve Robotics during the second quarter worth about $110,000.

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.