Serve Robotics (NASDAQ:SERV) Stock Price Down 6.7% – Here’s Why

Serve Robotics Inc. (NASDAQ:SERV) was down 6.7% during trading on Wednesday . The company traded as low as $18.28 and last traded at $18.12. Approximately 5,191,331 shares changed hands during trading, a decline of 63% from the average daily volume of 14,093,235 shares. The stock had previously closed at $19.41.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Seaport Res Ptn raised Serve Robotics to a “strong-buy” rating in a research report on Monday, October 7th. LADENBURG THALM/SH SH assumed coverage on Serve Robotics in a research note on Monday, October 28th. They issued a “buy” rating and a $16.00 target price for the company. Northland Securities lifted their target price on shares of Serve Robotics from $16.00 to $23.00 and gave the company an “outperform” rating in a research note on Wednesday, January 15th. Finally, Northland Capmk upgraded Serve Robotics to a “strong-buy” rating in a report on Friday, October 18th. Two investment analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Strong Buy” and an average target price of $19.50.

Serve Robotics Stock Down 6.2 %

The firm’s 50 day simple moving average is $13.31 and its two-hundred day simple moving average is $10.65.

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

Insider Activity at Serve Robotics

In other news, CEO Ali Kashani sold 9,719 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $8.77, for a total transaction of $85,235.63. Following the completion of the transaction, the chief executive officer now owns 3,355,238 shares in the company, valued at approximately $29,425,437.26. This represents a 0.29 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Touraj Parang sold 50,000 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $12.99, for a total value of $649,500.00. Following the sale, the chief operating officer now owns 1,163,439 shares in the company, valued at approximately $15,113,072.61. This represents a 4.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 253,027 shares of company stock valued at $3,309,166 in the last three months. Corporate insiders own 21.40% of the company’s stock.

Institutional Investors Weigh In On Serve Robotics

Large investors have recently added to or reduced their stakes in the company. Larson Financial Group LLC bought a new position in shares of Serve Robotics in the 3rd quarter worth approximately $26,000. Blue Trust Inc. purchased a new stake in Serve Robotics during the 4th quarter valued at about $27,000. Bfsg LLC bought a new stake in Serve Robotics during the 3rd quarter valued at about $38,000. Gordian Capital Singapore Pte Ltd purchased a new position in Serve Robotics in the third quarter worth about $68,000. Finally, Quantum Private Wealth LLC purchased a new stake in shares of Serve Robotics during the third quarter valued at approximately $80,000.

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.