Serve Robotics (NASDAQ:SERV) Shares Down 9.7% – Here’s Why

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

Analyst Ratings Changes

A number of 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 issued a “buy” rating and a $16.00 price objective on the stock. Northland Securities boosted their target price on shares of Serve Robotics from $16.00 to $23.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 15th. Two equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Strong Buy” and a consensus price target of $19.50.

Serve Robotics Trading Down 1.9 %

The firm’s 50-day moving average price is $16.57 and its two-hundred day moving average price is $11.94.

Insider Buying and Selling at Serve Robotics

In related news, COO Touraj Parang sold 50,000 shares of the company’s 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 completion of the sale, the chief operating officer now owns 1,163,439 shares in the company, valued at $15,113,072.61. This represents a 4.12 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ali Kashani sold 9,719 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $8.77, for a total transaction of $85,235.63. Following the sale, the chief executive officer now owns 3,355,238 shares of the company’s stock, valued at approximately $29,425,437.26. This represents a 0.29 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 185,793 shares of company stock worth $2,733,515 over the last 90 days. Corporate insiders own 21.40% of the company’s stock.

Hedge Funds Weigh In On Serve Robotics

Institutional investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. acquired a new position in Serve Robotics in the 4th quarter valued at $27,000. CIBC Private Wealth Group LLC purchased a new stake in shares of Serve Robotics in the fourth quarter valued at about $34,000. Bogart Wealth LLC acquired a new position in shares of Serve Robotics during the fourth quarter worth about $37,000. Larson Financial Group LLC acquired a new stake in shares of Serve Robotics in the 3rd quarter valued at approximately $26,000. Finally, Jefferies Financial Group Inc. grew its stake in shares of Serve Robotics by 30.3% during the 4th quarter. Jefferies Financial Group Inc. now owns 17,200 shares of the company’s stock worth $232,000 after purchasing an additional 4,000 shares during the period.

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.