Serve Robotics (NASDAQ:SERV) Trading Down 2.1% – Here’s Why

Serve Robotics Inc. (NASDAQ:SERV)’s share price fell 2.1% during trading on Thursday . The stock traded as low as $7.64 and last traded at $8.10. 1,690,013 shares traded hands during trading, a decline of 86% from the average session volume of 11,762,455 shares. The stock had previously closed at $8.28.

Analyst Ratings Changes

Separately, Northland Securities set a $23.00 price objective on Serve Robotics in a report on Tuesday, February 18th. Two investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Strong Buy” and a consensus target price of $19.50.

Serve Robotics Stock Performance

The company’s 50 day moving average price is $15.67 and its 200 day moving average price is $11.72.

Insiders Place Their Bets

In related news, COO Touraj Parang sold 50,000 shares of Serve Robotics stock in a transaction on Monday, December 9th. The shares were sold at an average price of $12.99, for a total value of $649,500.00. Following the transaction, the chief operating officer now owns 1,163,439 shares in the company, valued at $15,113,072.61. This trade represents a 4.12 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Ali Kashani sold 37,500 shares of the company’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $21.16, for a total transaction of $793,500.00. Following the sale, the chief executive officer now owns 3,230,990 shares of the company’s stock, valued at $68,367,748.40. This trade represents a 1.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 178,420 shares of company stock valued at $2,670,870 over the last three months. 21.40% of the stock is currently owned by insiders.

Institutional Trading of Serve Robotics

Hedge funds have recently added to or reduced their stakes in the business. Quantum Private Wealth LLC acquired a new position in shares of Serve Robotics during the third quarter worth approximately $80,000. GSA Capital Partners LLP acquired a new stake in shares of Serve Robotics in the 3rd quarter valued at $152,000. Larson Financial Group LLC acquired a new position in Serve Robotics in the third quarter valued at about $26,000. Quadrature Capital Ltd acquired a new position in shares of Serve Robotics in the 3rd quarter worth approximately $148,000. Finally, State Street Corp bought a new stake in shares of Serve Robotics during the third quarter worth $333,000.

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.