Serve Robotics (NASDAQ:SERV) Trading Down 16.9% – Here’s What Happened

Serve Robotics Inc. (NASDAQ:SERV)’s stock price traded down 16.9% on Tuesday . The stock traded as low as $17.75 and last traded at $19.03. 13,598,317 shares were traded during mid-day trading, a decline of 19% from the average session volume of 16,769,119 shares. The stock had previously closed at $22.89.

Analyst Ratings Changes

A number of equities research analysts have weighed in on SERV shares. Northland Capmk raised Serve Robotics to a “strong-buy” rating in a report on Friday, October 18th. Seaport Res Ptn raised Serve Robotics to a “strong-buy” rating in a report on Monday, October 7th. Northland Securities initiated coverage on Serve Robotics in a report on Friday, October 18th. They issued an “outperform” rating and a $16.00 target price for the company. Finally, LADENBURG THALM/SH SH started coverage on shares of Serve Robotics in a report on Monday, October 28th. They issued a “buy” rating and a $16.00 target price for the company. Two analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat, Serve Robotics presently has an average rating of “Strong Buy” and an average target price of $16.00.

Serve Robotics Stock Performance

The stock has a 50-day moving average of $11.61 and a 200-day moving average of $9.43.

Insider Buying and Selling at Serve Robotics

In other Serve Robotics news, COO Touraj Parang sold 50,000 shares of the business’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 sale, the chief operating officer now owns 1,163,439 shares of the company’s stock, valued at $15,113,072.61. The trade was a 4.12 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Ali Kashani sold 7,500 shares of the firm’s stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $16.50, for a total transaction of $123,750.00. Following the transaction, the chief executive officer now directly owns 3,283,490 shares of the company’s stock, valued at $54,177,585. The trade was a 0.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 207,462 shares of company stock valued at $2,375,472 in the last ninety days. Company insiders own 21.40% of the company’s stock.

Hedge Funds Weigh In On Serve Robotics

Hedge funds and other institutional investors have recently modified their holdings of the stock. State Street Corp acquired a new stake in shares of Serve Robotics in the 3rd quarter valued at approximately $333,000. Yong Rong HK Asset Management Ltd acquired a new position in shares of Serve Robotics during the 3rd quarter worth approximately $9,636,000. Thomist Capital Management LP bought a new position in shares of Serve Robotics during the second quarter worth approximately $407,000. PFG Investments LLC bought a new stake in shares of Serve Robotics in the second quarter valued at approximately $110,000. Finally, Bfsg LLC acquired a new stake in Serve Robotics during the third quarter worth approximately $38,000.

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.