Serve Robotics (NASDAQ:SERV) Stock Price Down 5.3% – Here’s What Happened

Serve Robotics Inc. (NASDAQ:SERV) shares traded down 5.3% on Wednesday . The company traded as low as $12.15 and last traded at $13.01. 3,695,029 shares were traded during trading, a decline of 60% from the average session volume of 9,262,646 shares. The stock had previously closed at $13.74.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on SERV shares. LADENBURG THALM/SH SH began coverage on Serve Robotics in a report on Monday, October 28th. They set a “buy” rating and a $16.00 price objective on the stock. Northland Capmk raised Serve Robotics to a “strong-buy” rating in a research note on Friday, October 18th. Northland Securities started coverage on Serve Robotics in a report on Friday, October 18th. They set an “outperform” rating and a $16.00 target price on the stock. Finally, Seaport Res Ptn raised shares of Serve Robotics to a “strong-buy” rating in a research report on Monday, October 7th. Two investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat.com, Serve Robotics currently has an average rating of “Strong Buy” and an average target price of $16.00.

Serve Robotics Price Performance

The business has a 50-day moving average of $9.41 and a 200 day moving average of $7.75.

Insider Buying and Selling at Serve Robotics

In related news, Director James Buckly Jordan sold 64,408 shares of the firm’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 sale, the director now directly owns 449,052 shares of the company’s stock, valued at $3,848,375.64. This trade represents a 12.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Ali Kashani sold 9,719 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $8.77, for a total value of $85,235.63. Following the transaction, the chief executive officer now owns 3,355,238 shares in the company, valued at $29,425,437.26. This trade represents a 0.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 165,961 shares of company stock valued at $1,751,058 over the last three months. 21.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SERV. Larson Financial Group LLC purchased a new position in Serve Robotics in the third quarter worth about $26,000. Bfsg LLC bought a new position in shares of Serve Robotics in the third quarter worth about $38,000. Gordian Capital Singapore Pte Ltd bought a new stake in shares of Serve Robotics during the third quarter valued at approximately $68,000. Quantum Private Wealth LLC bought a new stake in Serve Robotics in the 3rd quarter valued at $80,000. Finally, PFG Investments LLC purchased a new stake in shares of Serve Robotics in the second quarter worth about $110,000.

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.