Serve Robotics (NASDAQ:SERV) Stock Price Down 5.4% – Here’s Why

Shares of Serve Robotics Inc. (NASDAQ:SERV) traded down 5.4% on Thursday . The company traded as low as $13.30 and last traded at $13.38. 5,695,337 shares changed hands during trading, a decline of 39% from the average session volume of 9,411,125 shares. The stock had previously closed at $14.14.

Wall Street Analyst Weigh In

SERV has been the topic of several recent research reports. Seaport Res Ptn upgraded Serve Robotics to a “strong-buy” rating in a report on Monday, October 7th. LADENBURG THALM/SH SH initiated coverage on shares of Serve Robotics in a research note on Monday, October 28th. They issued a “buy” rating and a $16.00 target price on the stock. Northland Securities assumed coverage on shares of Serve Robotics in a research note on Friday, October 18th. They set an “outperform” rating and a $16.00 price target for the company. Finally, Northland Capmk raised shares of Serve Robotics to a “strong-buy” rating in a research note on Friday, October 18th. Two analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Strong Buy” and an average price target of $16.00.

Serve Robotics Trading Up 9.4 %

The stock has a fifty day simple moving average of $10.18 and a 200-day simple moving average of $8.30.

Insider Buying and Selling

In other news, CEO Ali Kashani sold 31,791 shares of the firm’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $11.39, for a total transaction of $362,099.49. Following the sale, the chief executive officer now owns 3,346,998 shares of the company’s stock, valued at $38,122,307.22. This trade represents a 0.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director James Buckly Jordan sold 64,408 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $8.57, for a total value of $551,976.56. Following the completion of the transaction, the director now owns 449,052 shares of the company’s stock, valued at $3,848,375.64. This represents a 12.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 192,422 shares of company stock valued at $2,141,604 in the last 90 days. 21.40% of the stock is owned by insiders.

Institutional Trading of Serve Robotics

Several hedge funds have recently bought and sold shares of the stock. Yong Rong HK Asset Management Ltd bought a new stake in shares of Serve Robotics during the third quarter worth $9,636,000. Thomist Capital Management LP acquired a new stake in shares of Serve Robotics in the 2nd quarter valued at about $407,000. PFG Investments LLC bought a new stake in shares of Serve Robotics in the second quarter valued at about $110,000. Bfsg LLC acquired a new position in shares of Serve Robotics during the third quarter worth about $38,000. Finally, GSA Capital Partners LLP bought a new position in shares of Serve Robotics during the third quarter worth about $152,000.

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.