Serve Robotics (NASDAQ:SERV) Trading Down 3.5% – Here’s What Happened

Serve Robotics Inc. (NASDAQ:SERV)’s stock price was down 3.5% during trading on Tuesday . The company traded as low as $10.13 and last traded at $10.14. Approximately 2,601,798 shares were traded during trading, a decline of 73% from the average daily volume of 9,645,331 shares. The stock had previously closed at $10.50.

Wall Street Analysts Forecast Growth

Separately, Northland Securities set a $23.00 price objective on Serve Robotics in a research report 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 company. Based on data from MarketBeat.com, the stock currently has an average rating of “Strong Buy” and an average price target of $19.50.

Serve Robotics Stock Performance

The firm has a market cap of $578.34 million and a PE ratio of -9.45. The firm has a fifty day simple moving average of $6.65 and a two-hundred day simple moving average of $10.88.

Insider Activity at Serve Robotics

In other Serve Robotics news, CFO Brian Read sold 29,100 shares of the firm’s stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $7.06, for a total value of $205,446.00. Following the sale, the chief financial officer now directly owns 240,900 shares of the company’s stock, valued at approximately $1,700,754. This trade represents a 10.78% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ali Kashani sold 3,713 shares of Serve Robotics stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $9.21, for a total value of $34,196.73. Following the sale, the chief executive officer now owns 3,225,852 shares in the company, valued at $29,710,096.92. This represents a 0.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 58,834 shares of company stock valued at $447,179. 5.50% of the stock is owned by insiders.

Institutional Trading of Serve Robotics

Institutional investors and hedge funds have recently modified their holdings of the company. Uber Technologies Inc acquired a new stake in shares of Serve Robotics in the 4th quarter valued at about $71,534,000. Raymond James Financial Inc. acquired a new position in shares of Serve Robotics in the fourth quarter worth approximately $1,978,000. Exchange Traded Concepts LLC acquired a new position in Serve Robotics during the 4th quarter worth approximately $9,066,000. Geode Capital Management LLC lifted its position in shares of Serve Robotics by 36.6% during the fourth quarter. Geode Capital Management LLC now owns 178,780 shares of the company’s stock valued at $2,415,000 after purchasing an additional 47,927 shares in the last quarter. Finally, Atomi Financial Group Inc. bought a new stake in shares of Serve Robotics in the fourth quarter valued at $209,000.

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.