Serve Robotics (NASDAQ:SERV) Stock Price Down 9.7% – What’s Next?

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

Analysts Set New Price Targets

A number of equities analysts have weighed in on SERV shares. Northland Securities increased their price target 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. LADENBURG THALM/SH SH started coverage on Serve Robotics in a research report on Monday, October 28th. They issued a “buy” rating and a $16.00 target price on the stock. Two investment analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Strong Buy” and an average price target of $19.50.

Serve Robotics Trading Down 14.7 %

The stock’s 50-day moving average is $16.52 and its 200-day moving average is $11.92.

Insider Transactions at Serve Robotics

In related news, CEO Ali Kashani sold 31,791 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $11.39, for a total transaction of $362,099.49. Following the transaction, the chief executive officer now directly owns 3,346,998 shares of the company’s stock, valued at approximately $38,122,307.22. The trade was a 0.94 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director James Buckly Jordan sold 64,408 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $8.57, for a total value of $551,976.56. Following the transaction, the director now directly owns 449,052 shares in the company, valued at $3,848,375.64. This trade represents a 12.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 251,555 shares of company stock valued at $3,297,405 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 made changes to their positions in the business. Larson Financial Group LLC acquired a new position in shares of Serve Robotics in the 3rd quarter valued at approximately $26,000. Blue Trust Inc. bought a new stake in shares of Serve Robotics in the 4th quarter valued at approximately $27,000. CIBC Private Wealth Group LLC bought a new stake in shares of Serve Robotics in the 4th quarter valued at approximately $34,000. Bogart Wealth LLC bought a new stake in shares of Serve Robotics in the 4th quarter valued at approximately $37,000. Finally, Gordian Capital Singapore Pte Ltd bought a new stake in shares of Serve Robotics in the 3rd quarter valued at approximately $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.