Serve Robotics (NASDAQ:SERV) Shares Down 4% – What’s Next?

Shares of Serve Robotics Inc. (NASDAQ:SERV) dropped 4% during trading on Wednesday . The company traded as low as $13.63 and last traded at $14.14. Approximately 6,940,641 shares traded hands during trading, a decline of 27% from the average daily volume of 9,455,250 shares. The stock had previously closed at $14.73.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on SERV. LADENBURG THALM/SH SH began coverage on shares of Serve Robotics in a report on Monday, October 28th. They set a “buy” rating and a $16.00 price target on the stock. Seaport Res Ptn raised shares of Serve Robotics to a “strong-buy” rating in a research report on Monday, October 7th. Northland Capmk raised shares of Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. Finally, Northland Securities assumed coverage on shares of Serve Robotics in a research report on Friday, October 18th. They set an “outperform” rating and a $16.00 price objective on the stock. Two investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Strong Buy” and a consensus target price of $16.00.

Serve Robotics Price Performance

The company’s 50-day simple moving average is $10.41 and its 200 day simple moving average is $8.54.

Insider Buying and Selling

In related news, Director James Buckly Jordan sold 64,408 shares of the company’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $8.57, for a total transaction of $551,976.56. Following the completion of the transaction, the director now directly owns 449,052 shares in the company, valued at $3,848,375.64. This represents a 12.54 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Ali Kashani sold 31,791 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $11.39, for a total transaction of $362,099.49. Following the completion of the sale, the chief executive officer now owns 3,346,998 shares in the company, valued at $38,122,307.22. This represents a 0.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 194,922 shares of company stock valued at $2,178,354. Company insiders own 21.40% of the company’s stock.

Institutional Trading of Serve Robotics

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Yong Rong HK Asset Management Ltd acquired a new stake in Serve Robotics in the 3rd quarter worth $9,636,000. Thomist Capital Management LP acquired a new stake in Serve Robotics in the 2nd quarter worth $407,000. Geode Capital Management LLC grew its position in Serve Robotics by 128.1% in the 3rd quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock worth $1,041,000 after purchasing an additional 73,496 shares during the last quarter. PFG Investments LLC acquired a new stake in shares of Serve Robotics during the 2nd quarter valued at about $110,000. Finally, State Street Corp acquired a new stake in shares of Serve Robotics during the 3rd quarter valued at about $333,000.

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.