Serve Robotics (NASDAQ:SERV) Stock Price Down 6.6% – Here’s What Happened

Serve Robotics Inc. (NASDAQ:SERV)’s share price was down 6.6% on Thursday . The company traded as low as $7.08 and last traded at $7.04. Approximately 1,373,154 shares were traded during mid-day trading, a decline of 88% from the average daily volume of 11,073,373 shares. The stock had previously closed at $7.53.

Wall Street Analyst Weigh In

Separately, Northland Securities set a $23.00 target price on Serve Robotics in a research report on Tuesday, February 18th. Two equities research 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 stock has a consensus rating of “Strong Buy” and a consensus price target of $19.50.

Serve Robotics Stock Down 7.6 %

The business’s 50-day moving average price is $14.87 and its 200 day moving average price is $11.60. The company has a market capitalization of $308.09 million and a P/E ratio of -5.79.

Insider Buying and Selling at Serve Robotics

In related news, CEO Ali Kashani sold 2,500 shares of the business’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $12.48, for a total transaction of $31,200.00. Following the completion of the transaction, the chief executive officer now directly owns 3,329,498 shares in the company, valued at $41,552,135.04. The trade was a 0.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold a total of 93,031 shares of company stock valued at $1,613,030 in the last three months. Company insiders own 21.40% of the company’s stock.

Institutional Trading of Serve Robotics

Large investors have recently modified their holdings of the business. Larson Financial Group LLC bought a new position in shares of Serve Robotics in the third quarter worth approximately $26,000. Blue Trust Inc. purchased a new position in Serve Robotics in the fourth quarter worth $27,000. CIBC Private Wealth Group LLC purchased a new position in Serve Robotics in the fourth quarter worth $34,000. Bogart Wealth LLC purchased a new stake in Serve Robotics during the fourth quarter valued at about $37,000. Finally, Gordian Capital Singapore Pte Ltd purchased a new stake in Serve Robotics during the third quarter valued at about $68,000.

About Serve Robotics

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.