Serve Robotics (NASDAQ:SERV) Shares Down 13.5% – Here’s What Happened

Shares of Serve Robotics Inc. (NASDAQ:SERV) fell 13.5% during mid-day trading on Monday . The company traded as low as $15.55 and last traded at $16.21. 7,318,302 shares were traded during mid-day trading, a decline of 54% from the average session volume of 15,913,946 shares. The stock had previously closed at $18.74.

Analyst Upgrades and Downgrades

SERV has been the subject of a number of recent research reports. LADENBURG THALM/SH SH assumed coverage on Serve Robotics in a research note on Monday, October 28th. They set a “buy” rating and a $16.00 price target for the company. Northland Securities initiated coverage on shares of Serve Robotics in a report on Friday, October 18th. They set an “outperform” rating and a $16.00 target price for the company. Northland Capmk raised shares of Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. Finally, Seaport Res Ptn raised Serve Robotics to a “strong-buy” rating in a report on Monday, October 7th. Two research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Strong Buy” and an average price target of $16.00.

Serve Robotics Stock Performance

The company’s 50-day moving average price is $12.16 and its 200 day moving average price is $9.88.

Insider Buying and Selling

In other news, Director James Buckly Jordan sold 64,408 shares of the business’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $8.57, for a total value of $551,976.56. Following the sale, the director now directly owns 449,052 shares in the company, valued at $3,848,375.64. The trade was a 12.54 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Ali Kashani sold 37,500 shares of the business’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 sale, the chief executive officer now directly owns 3,230,990 shares in the company, valued at $68,367,748.40. The trade was a 1.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 253,027 shares of company stock worth $3,309,166. 21.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Serve Robotics

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Larson Financial Group LLC bought a new position in Serve Robotics during the 3rd quarter valued at about $26,000. Bfsg LLC purchased a new stake in shares of Serve Robotics in the third quarter worth approximately $38,000. Gordian Capital Singapore Pte Ltd bought a new stake in shares of Serve Robotics during the 3rd quarter worth approximately $68,000. Quantum Private Wealth LLC purchased a new position in Serve Robotics during the 3rd quarter valued at $80,000. Finally, PFG Investments LLC purchased a new position in Serve Robotics during the 2nd quarter valued at $110,000.

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.