Serve Robotics (NASDAQ:SERV) Shares Down 0.9% – Here’s What Happened

Shares of Serve Robotics Inc. (NASDAQ:SERV) fell 0.9% on Wednesday . The stock traded as low as $8.23 and last traded at $8.33. 1,203,686 shares were traded during mid-day trading, a decline of 90% from the average session volume of 11,882,264 shares. The stock had previously closed at $8.40.

Wall Street Analysts Forecast Growth

Separately, Northland Securities set a $23.00 price target on shares of Serve Robotics in a research note on Tuesday, February 18th. Two research 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 an average price target of $19.50.

Serve Robotics Stock Performance

The stock’s 50-day simple moving average is $15.78 and its 200 day simple moving average is $11.75.

Insider Buying and Selling at Serve Robotics

In other news, COO Touraj Parang sold 50,000 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The shares were 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 $15,113,072.61. This trade represents a 4.12 % 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 2,500 shares of the stock in a transaction 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 sale, the chief executive officer now directly 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 disclosure for this sale can be found here. In the last 90 days, insiders have sold 178,655 shares of company stock valued at $2,673,114. 21.40% of the stock is owned by corporate insiders.

Institutional Trading of Serve Robotics

Hedge funds and other institutional investors have recently bought and sold shares of the company. State Street Corp purchased a new position in Serve Robotics during the third quarter worth about $333,000. Exchange Traded Concepts LLC purchased a new stake in Serve Robotics in the fourth quarter valued at approximately $9,066,000. Atomi Financial Group Inc. acquired a new position in Serve Robotics during the fourth quarter worth approximately $209,000. Geode Capital Management LLC boosted its holdings in shares of Serve Robotics by 128.1% in the 3rd 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. Finally, Stephens Inc. AR acquired a new position in shares of Serve Robotics in the 4th quarter valued at $142,000.

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.