Serve Robotics (NASDAQ:SERV) Shares Down 4% – Here’s What Happened

Shares of Serve Robotics Inc. (NASDAQ:SERV) fell 4% during trading on Monday . The stock traded as low as $15.13 and last traded at $15.93. 3,354,147 shares were traded during mid-day trading, a decline of 72% from the average session volume of 12,108,047 shares. The stock had previously closed at $16.59.

Analyst Ratings Changes

Several research firms recently weighed in on SERV. Northland Capmk raised shares of Serve Robotics to a “strong-buy” rating in a research note on Friday, October 18th. Northland Securities raised their price target on Serve Robotics from $16.00 to $23.00 and gave the company an “outperform” rating in a report on Wednesday, January 15th. Finally, LADENBURG THALM/SH SH assumed coverage on Serve Robotics in a research report on Monday, October 28th. They set a “buy” rating and a $16.00 target price for the company. Two investment analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Strong Buy” and a consensus target price of $19.50.

Serve Robotics Price Performance

The company has a 50-day moving average of $15.03 and a 200 day moving average of $11.65.

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

Insider Transactions at Serve Robotics

In related news, CEO Ali Kashani sold 9,719 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $8.77, for a total value of $85,235.63. Following the transaction, the chief executive officer now owns 3,355,238 shares of the company’s stock, valued at $29,425,437.26. This trade represents a 0.29 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Touraj Parang sold 50,000 shares of Serve Robotics stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $12.99, for a total transaction of $649,500.00. Following the sale, the chief operating officer now owns 1,163,439 shares of the company’s stock, valued at $15,113,072.61. The trade was a 4.12 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 253,027 shares of company stock worth $3,309,166. 21.40% of the stock is currently owned by company insiders.

Institutional Trading of Serve Robotics

Large investors have recently modified their holdings of the company. Larson Financial Group LLC bought a new stake in Serve Robotics during the 3rd quarter valued at $26,000. Blue Trust Inc. bought a new stake in shares of Serve Robotics in the fourth quarter valued at about $27,000. Bogart Wealth LLC bought a new position in Serve Robotics during the 4th quarter worth about $37,000. Bfsg LLC purchased a new position in Serve Robotics during the 3rd quarter valued at about $38,000. Finally, Gordian Capital Singapore Pte Ltd bought a new stake in shares of Serve Robotics in the 3rd quarter valued at about $68,000.

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.