Serve Robotics (NASDAQ:SERV) Stock Price Down 7.1% – Here’s What Happened

Serve Robotics Inc. (NASDAQ:SERV) traded down 7.1% during mid-day trading on Friday . The stock traded as low as $16.01 and last traded at $16.39. 5,596,455 shares traded hands during mid-day trading, a decline of 41% from the average session volume of 9,467,164 shares. The stock had previously closed at $17.64.

Analysts Set New Price Targets

A number of brokerages have commented on SERV. Northland Capmk upgraded Serve Robotics to a “strong-buy” rating in a research note on Friday, October 18th. LADENBURG THALM/SH SH started coverage on Serve Robotics in a research report on Monday, October 28th. They set a “buy” rating and a $16.00 price target on the stock. Seaport Res Ptn raised shares of Serve Robotics to a “strong-buy” rating in a research report on Monday, October 7th. Finally, Northland Securities assumed coverage on shares of Serve Robotics in a research report on Friday, October 18th. They set an “outperform” rating and a $16.00 target price on the stock. Two analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. 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 Stock Performance

The stock has a 50-day moving average price of $10.69 and a 200-day moving average price of $8.64.

Insider Buying and Selling at Serve Robotics

In other news, Director James Buckly Jordan sold 64,408 shares of the stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $8.57, for a total transaction of $551,976.56. Following the transaction, the director now owns 449,052 shares of the company’s stock, valued at approximately $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 accessible through this hyperlink. Also, CEO Ali Kashani sold 2,500 shares of Serve Robotics stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $13.52, for a total value of $33,800.00. Following the completion of the transaction, the chief executive officer now owns 3,344,498 shares of the company’s stock, 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. Insiders sold a total of 194,922 shares of company stock worth $2,178,354 in the last 90 days. 21.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. Yong Rong HK Asset Management Ltd bought a new stake in shares of Serve Robotics in the 3rd quarter valued at approximately $9,636,000. Thomist Capital Management LP bought a new stake in Serve Robotics during the second quarter valued at $407,000. Geode Capital Management LLC increased its stake in Serve Robotics by 128.1% during the third quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock valued at $1,041,000 after purchasing an additional 73,496 shares during the last quarter. PFG Investments LLC acquired a new stake in shares of Serve Robotics during the second quarter worth $110,000. Finally, State Street Corp bought a new position in shares of Serve Robotics in the 3rd quarter worth about $333,000.

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.