Serve Robotics (NASDAQ:SERV) Stock Price Down 13.5% – Here’s Why

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

Analysts Set New Price Targets

A number of brokerages have issued reports on SERV. Northland Securities lifted their price objective on Serve Robotics from $16.00 to $23.00 and gave the company an “outperform” rating in a report on Wednesday. Seaport Res Ptn raised shares of Serve Robotics to a “strong-buy” rating in a research note on Monday, October 7th. LADENBURG THALM/SH SH started 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 for the company. Finally, Northland Capmk raised Serve Robotics to a “strong-buy” rating in a research note on Friday, October 18th. Two equities research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Strong Buy” and an average target price of $19.50.

Serve Robotics Trading Up 12.7 %

The company has a fifty day moving average price of $12.40 and a two-hundred day moving average price of $10.07.

Insider Buying and Selling

In other Serve Robotics news, CEO Ali Kashani sold 2,500 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $13.52, for a total value of $33,800.00. Following the sale, the chief executive officer now owns 3,344,498 shares in the company, valued at approximately $45,217,612.96. The trade was a 0.07 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Touraj Parang sold 50,000 shares of the firm’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 transaction, the chief operating officer now directly owns 1,163,439 shares of the company’s stock, valued at $15,113,072.61. This represents a 4.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 253,027 shares of company stock worth $3,309,166 over the last ninety days. Company insiders own 21.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Harbour Capital Advisors LLC increased its holdings in Serve Robotics by 102.4% during the fourth quarter. Harbour Capital Advisors LLC now owns 50,365 shares of the company’s stock worth $680,000 after buying an additional 25,475 shares during the last quarter. Tidal Investments LLC acquired a new position in shares of Serve Robotics during the 3rd quarter worth about $262,000. Geode Capital Management LLC raised its stake 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 buying an additional 73,496 shares during the period. Gordian Capital Singapore Pte Ltd acquired a new stake in shares of Serve Robotics in the third quarter valued at approximately $68,000. Finally, State Street Corp bought a new position in shares of Serve Robotics during the 3rd quarter worth approximately $333,000.

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.