Serve Robotics (NASDAQ:SERV) Shares Down 39.7% – What’s Next?

Shares of Serve Robotics Inc. (NASDAQ:SERV) dropped 39.7% on Friday . The company traded as low as $12.67 and last traded at $13.82. Approximately 35,654,497 shares traded hands during mid-day trading, an increase of 189% from the average daily volume of 12,334,668 shares. The stock had previously closed at $22.92.

Analysts Set New Price Targets

SERV has been the topic of a number of research analyst reports. LADENBURG THALM/SH SH initiated coverage on Serve Robotics in a report on Monday, October 28th. They issued a “buy” rating and a $16.00 target price on the stock. Northland Securities raised their target price on Serve Robotics from $16.00 to $23.00 and gave the company an “outperform” rating in a report on Wednesday, January 15th. Two equities research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Strong Buy” and a consensus target price of $19.50.

Serve Robotics Trading Down 39.6 %

The company has a fifty day moving average of $16.52 and a two-hundred day moving average of $12.00.

Insider Activity at Serve Robotics

In other Serve Robotics news, Director James Buckly Jordan sold 64,408 shares of Serve Robotics 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 transaction, the director now directly owns 449,052 shares of the company’s stock, valued at approximately $3,848,375.64. The trade was a 12.54 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ali Kashani sold 2,500 shares of Serve Robotics stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $13.52, for a total value of $33,800.00. Following the transaction, the chief executive officer now directly owns 3,344,498 shares in the company, valued at $45,217,612.96. The trade was a 0.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 253,027 shares of company stock valued at $3,309,166 in the last 90 days. 21.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Blue Trust Inc. acquired a new position in Serve Robotics during the 4th quarter worth about $27,000. CIBC Private Wealth Group LLC bought a new position in shares of Serve Robotics in the 4th quarter worth about $34,000. Bogart Wealth LLC bought a new position in shares of Serve Robotics in the 4th quarter worth about $37,000. Larson Financial Group LLC bought a new position in shares of Serve Robotics in the 3rd quarter worth about $26,000. Finally, Bfsg LLC bought a new position in shares of Serve Robotics in the 3rd quarter worth about $38,000.

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.