Serve Robotics (NASDAQ:SERV) Stock Price Down 5.2% – Here’s Why

Serve Robotics Inc. (NASDAQ:SERV)’s share price dropped 5.2% on Wednesday . The stock traded as low as $16.69 and last traded at $16.60. Approximately 2,013,233 shares changed hands during trading, a decline of 84% from the average daily volume of 12,778,343 shares. The stock had previously closed at $17.51.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on SERV shares. Seaport Res Ptn upgraded shares of Serve Robotics to a “strong-buy” rating in a research note on Monday, October 7th. LADENBURG THALM/SH SH started coverage on Serve Robotics in a research note on Monday, October 28th. They issued a “buy” rating and a $16.00 price objective on the stock. Northland Securities increased their price target on Serve Robotics from $16.00 to $23.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 15th. Finally, Northland Capmk upgraded shares of Serve Robotics to a “strong-buy” rating in a research note on Friday, October 18th. Two research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Strong Buy” and a consensus price target of $19.50.

Serve Robotics Stock Down 7.9 %

The firm has a fifty day simple moving average of $14.27 and a two-hundred day simple moving average of $11.20.

Serve Robotics (NASDAQ:SERV) last announced its earnings results on Thursday, November 7th. The company reported ($0.20) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.20). Serve Robotics had a negative net margin of 1,972.12% and a negative return on equity of 184.60%. The business had revenue of $0.22 million during the quarter, compared to analyst estimates of $0.36 million. As a group, equities research analysts forecast that Serve Robotics Inc. will post -0.98 earnings per share for the current year.

Insiders Place Their Bets

In other Serve Robotics news, CEO Ali Kashani sold 37,500 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $21.16, for a total value of $793,500.00. Following the completion of the transaction, the chief executive officer now owns 3,230,990 shares of the company’s stock, valued at $68,367,748.40. The trade was a 1.15 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Touraj Parang sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $12.99, for a total transaction of $649,500.00. Following the completion of the transaction, the chief operating officer now directly owns 1,163,439 shares of the company’s stock, valued at approximately $15,113,072.61. This represents a 4.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 253,027 shares of company stock valued at $3,309,166 in the last quarter. Corporate insiders own 21.40% of the company’s stock.

Institutional Investors Weigh In On Serve Robotics

Institutional investors have recently made changes to their positions in the business. Bfsg LLC purchased a new stake in Serve Robotics during the 3rd quarter valued at $38,000. Harbour Capital Advisors LLC purchased a new stake in Serve Robotics during the 3rd quarter valued at $198,000. Yong Rong HK Asset Management Ltd purchased a new stake in Serve Robotics during the 3rd quarter valued at $9,636,000. Quantum Private Wealth LLC purchased a new stake in Serve Robotics during the 3rd quarter valued at $80,000. Finally, GSA Capital Partners LLP purchased a new stake in Serve Robotics during the 3rd quarter valued at $152,000.

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.