Serve Robotics (NASDAQ:SERV) Shares Down 10% – Here’s What Happened

Serve Robotics Inc. (NASDAQ:SERV) fell 10% during mid-day trading on Monday . The company traded as low as $6.58 and last traded at $6.69. 1,494,349 shares changed hands during trading, a decline of 87% from the average session volume of 11,481,872 shares. The stock had previously closed at $7.43.

Analysts Set New Price Targets

Separately, Northland Securities set a $23.00 price target on shares of 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 given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Strong Buy” and an average price target of $19.50.

Serve Robotics Stock Down 10.1 %

The stock’s 50-day simple moving average is $15.29 and its 200 day simple moving average is $11.68. The company has a market cap of $295.91 million and a price-to-earnings ratio of -5.57.

Insider Activity at Serve Robotics

In other Serve Robotics news, CEO Ali Kashani sold 3,713 shares of the company’s stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $9.21, for a total transaction of $34,196.73. Following the transaction, the chief executive officer now directly owns 3,225,852 shares in the company, valued at $29,710,096.92. This represents a 0.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last quarter, insiders sold 93,031 shares of company stock worth $1,613,030. Insiders own 21.40% of the company’s stock.

Institutional Investors Weigh In On Serve Robotics

Institutional investors and hedge funds have recently modified their holdings of the company. Jefferies Financial Group Inc. grew its position in Serve Robotics by 30.3% in the 4th quarter. Jefferies Financial Group Inc. now owns 17,200 shares of the company’s stock valued at $232,000 after acquiring an additional 4,000 shares in the last quarter. Two Sigma Investments LP purchased a new stake in Serve Robotics during the 4th quarter worth approximately $815,000. Tidal Investments LLC lifted its holdings in Serve Robotics by 57.6% during the 4th quarter. Tidal Investments LLC now owns 51,846 shares of the company’s stock worth $700,000 after buying an additional 18,948 shares in the last quarter. Man Group plc acquired a new stake in Serve Robotics during the 4th quarter worth approximately $467,000. Finally, OMERS ADMINISTRATION Corp purchased a new position in Serve Robotics in the 4th quarter valued at approximately $431,000.

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.