Serve Robotics (NASDAQ:SERV) Shares Down 5.4% – Here’s Why

Serve Robotics Inc. (NASDAQ:SERV) fell 5.4% on Thursday . The company traded as low as $13.30 and last traded at $13.38. 5,695,337 shares traded hands during trading, a decline of 39% from the average session volume of 9,411,125 shares. The stock had previously closed at $14.14.

Analyst Ratings Changes

A number of equities research analysts have recently commented on SERV shares. Northland Securities started coverage on shares of Serve Robotics in a research note on Friday, October 18th. They set an “outperform” rating and a $16.00 price objective on the stock. Seaport Res Ptn upgraded Serve Robotics to a “strong-buy” rating in a research report on Monday, October 7th. 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 for the company. Finally, Northland Capmk raised shares of Serve Robotics to a “strong-buy” rating in a research note on Friday, October 18th. Two analysts have rated the stock with a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Strong Buy” and an average target price of $16.00.

Serve Robotics Price Performance

The firm has a fifty day moving average of $9.98 and a 200 day moving average of $8.18.

Insider Transactions at Serve Robotics

In other news, Director James Buckly Jordan sold 64,408 shares of the company’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $8.57, for a total value of $551,976.56. Following the transaction, the director now owns 449,052 shares of the company’s stock, valued at $3,848,375.64. This represents a 12.54 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Ali Kashani sold 22,500 shares of the firm’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $14.93, for a total value of $335,925.00. Following the sale, the chief executive officer now directly owns 3,306,998 shares of the company’s stock, valued at $49,373,480.14. The trade was a 0.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 190,961 shares of company stock worth $2,118,183 in the last quarter. Company insiders own 21.40% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of SERV. Tidal Investments LLC purchased a new stake in shares of Serve Robotics in the 3rd quarter valued at approximately $262,000. Geode Capital Management LLC raised its position in Serve Robotics by 128.1% in 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 period. Gordian Capital Singapore Pte Ltd acquired a new position in Serve Robotics during the third quarter worth $68,000. State Street Corp acquired a new position in Serve Robotics during the third quarter worth $333,000. Finally, Quadrature Capital Ltd purchased a new position in shares of Serve Robotics during the third quarter worth $148,000.

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.