Serve Robotics (NASDAQ:SERV) Shares Down 13.5% – What’s Next?

Serve Robotics Inc. (NASDAQ:SERV) dropped 13.5% during mid-day trading on Monday . The stock traded as low as $15.55 and last traded at $16.21. Approximately 7,318,302 shares traded hands during mid-day trading, a decline of 54% from the average daily volume of 15,913,946 shares. The stock had previously closed at $18.74.

Analyst Upgrades and Downgrades

A number of analysts recently commented on SERV shares. 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 on the stock. Seaport Res Ptn raised Serve Robotics to a “strong-buy” rating in a report on Monday, October 7th. Northland Capmk raised Serve Robotics to a “strong-buy” rating in a report on Friday, October 18th. Finally, LADENBURG THALM/SH SH assumed 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. Two research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, Serve Robotics presently has an average rating of “Strong Buy” and a consensus price target of $16.00.

Serve Robotics Price Performance

The stock has a 50-day moving average of $12.16 and a two-hundred day moving average of $9.88.

Insider Transactions at Serve Robotics

In related news, Director James Buckly Jordan sold 64,408 shares of the firm’s stock in a transaction dated Thursday, November 21st. The stock was 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Ali Kashani sold 2,500 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $13.52, for a total value of $33,800.00. Following the transaction, the chief executive officer now directly owns 3,344,498 shares in the company, valued at $45,217,612.96. This trade represents a 0.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 253,027 shares of company stock worth $3,309,166. 21.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. PFG Investments LLC bought a new position in Serve Robotics in the second quarter worth $110,000. Thomist Capital Management LP bought a new stake in Serve Robotics in the 2nd quarter worth about $407,000. Bfsg LLC bought a new stake in Serve Robotics in the 3rd quarter worth about $38,000. Harbour Capital Advisors LLC bought a new position in Serve Robotics during the 3rd quarter valued at about $198,000. Finally, Yong Rong HK Asset Management Ltd purchased a new stake in shares of Serve Robotics during the 3rd quarter valued at about $9,636,000.

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.