Serve Robotics (NASDAQ:SERV) Trading Down 8.8% – Here’s Why

Shares of Serve Robotics Inc. (NASDAQ:SERV) were down 8.8% during mid-day trading on Monday . The stock traded as low as $13.07 and last traded at $13.32. Approximately 5,462,877 shares were traded during mid-day trading, a decline of 42% from the average daily volume of 9,439,242 shares. The stock had previously closed at $14.61.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Seaport Res Ptn raised Serve Robotics to a “strong-buy” rating in a research report on Monday, October 7th. Northland Capmk raised Serve Robotics to a “strong-buy” rating in a report on Friday, October 18th. Northland Securities assumed coverage on Serve Robotics in a research note on Friday, October 18th. They issued an “outperform” rating and a $16.00 price target for the company. Finally, LADENBURG THALM/SH SH started coverage on shares of Serve Robotics in a research note on Monday, October 28th. They set a “buy” rating and a $16.00 price objective on the stock. 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 data from MarketBeat, the stock has a consensus rating of “Strong Buy” and an average price target of $16.00.

Serve Robotics Stock Down 5.6 %

The stock has a fifty day simple moving average of $10.18 and a two-hundred day simple moving average of $8.38.

Insider Activity at Serve Robotics

In other news, Director James Buckly Jordan sold 64,408 shares of the business’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $8.57, for a total transaction of $551,976.56. Following the sale, the director now directly owns 449,052 shares in the company, valued at approximately $3,848,375.64. The trade was a 12.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Ali Kashani sold 31,791 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $11.39, for a total transaction of $362,099.49. Following the completion of the transaction, the chief executive officer now owns 3,346,998 shares of the company’s stock, valued at approximately $38,122,307.22. This trade represents a 0.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 192,422 shares of company stock valued at $2,141,604 over the last ninety days. 21.40% of the stock is owned by corporate insiders.

Institutional Trading of Serve Robotics

Several institutional investors have recently added to or reduced their stakes in SERV. Larson Financial Group LLC bought a new stake in shares of Serve Robotics during the third quarter valued at approximately $26,000. Bfsg LLC bought a new position in Serve Robotics in the 3rd quarter valued at about $38,000. Gordian Capital Singapore Pte Ltd acquired a new position in Serve Robotics during the 3rd quarter valued at about $68,000. Quantum Private Wealth LLC bought a new stake in Serve Robotics during the 3rd quarter worth approximately $80,000. Finally, PFG Investments LLC purchased a new stake in shares of Serve Robotics in the second quarter worth approximately $110,000.

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.