Serve Robotics (NASDAQ:SERV) Shares Down 9.7% – What’s Next?

Serve Robotics Inc. (NASDAQ:SERV)’s share price traded down 9.7% on Tuesday . The company traded as low as $11.63 and last traded at $12.51. 15,345,986 shares were traded during mid-day trading, an increase of 18% from the average session volume of 13,038,644 shares. The stock had previously closed at $13.85.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. LADENBURG THALM/SH SH began coverage on shares of Serve Robotics in a research report on Monday, October 28th. They set a “buy” rating and a $16.00 target price for the company. Northland Securities raised their price target on shares of Serve Robotics from $16.00 to $23.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 15th. Two investment analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Strong Buy” and an average price target of $19.50.

Serve Robotics Trading Down 1.9 %

The business has a 50-day moving average price of $16.57 and a two-hundred day moving average price of $11.94.

Insider Buying and Selling at Serve Robotics

In other Serve Robotics news, CEO Ali Kashani sold 37,500 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $21.16, for a total value of $793,500.00. Following the completion of the sale, the chief executive officer now directly owns 3,230,990 shares in the company, valued at $68,367,748.40. This represents a 1.15 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Touraj Parang sold 50,000 shares of Serve Robotics stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $12.99, for a total value of $649,500.00. Following the transaction, the chief operating officer now directly owns 1,163,439 shares in the company, valued at approximately $15,113,072.61. The trade was a 4.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 185,793 shares of company stock valued at $2,733,515 in the last ninety days. Company insiders own 21.40% of the company’s stock.

Hedge Funds Weigh In On Serve Robotics

A number of institutional investors have recently bought and sold shares of SERV. Blue Trust Inc. acquired a new position in Serve Robotics in the 4th quarter worth approximately $27,000. CIBC Private Wealth Group LLC acquired a new position in Serve Robotics in the fourth quarter worth approximately $34,000. Bogart Wealth LLC bought a new position in Serve Robotics during the fourth quarter valued at approximately $37,000. Larson Financial Group LLC acquired a new stake in Serve Robotics in the third quarter valued at approximately $26,000. Finally, Jefferies Financial Group Inc. increased its stake in shares of Serve Robotics by 30.3% during the 4th quarter. Jefferies Financial Group Inc. now owns 17,200 shares of the company’s stock worth $232,000 after purchasing an additional 4,000 shares during the last quarter.

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.