Serve Robotics (NASDAQ:SERV) Shares Down 7.1% – What’s Next?

by · The Cerbat Gem

Shares of Serve Robotics Inc. (NASDAQ:SERV – Get Free Report) were down 7.1% during trading on Friday . The company traded as low as $16.01 and last traded at $16.39. Approximately 5,596,455 shares changed hands during mid-day trading, a decline of 41% from the average daily volume of 9,467,164 shares. The stock had previously closed at $17.64.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Northland Capmk upgraded Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. Northland Securities began coverage on Serve Robotics in a research report on Friday, October 18th. They issued an “outperform” rating and a $16.00 target price on the stock. LADENBURG THALM/SH SH initiated coverage on shares of Serve Robotics in a report on Monday, October 28th. They set a “buy” rating and a $16.00 price target for the company. Finally, Seaport Res Ptn upgraded shares of Serve Robotics to a “strong-buy” rating in a research 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 stock. According to MarketBeat, Serve Robotics currently has a consensus rating of “Strong Buy” and a consensus target price of $16.00.

Check Out Our Latest Report on Serve Robotics

Serve Robotics Price Performance

The business has a fifty day moving average of $10.69 and a 200-day moving average of $8.64.

Insider Transactions at Serve Robotics

In other news, CEO Ali Kashani sold 2,500 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $14.70, for a total value of $36,750.00. Following the completion of the sale, the chief executive officer now directly owns 3,295,990 shares of the company’s stock, valued at approximately $48,451,053. This represents a 0.08 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director James Buckly Jordan sold 64,408 shares of the firm’s stock in a transaction that occurred 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 transaction, the director now owns 449,052 shares in the company, valued at $3,848,375.64. This represents a 12.54 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 194,922 shares of company stock valued at $2,178,354. 21.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Serve Robotics

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Yong Rong HK Asset Management Ltd bought a new position in Serve Robotics during the third quarter valued at about $9,636,000. Thomist Capital Management LP bought a new position in shares of Serve Robotics during the 2nd quarter valued at about $407,000. PFG Investments LLC acquired a new position in shares of Serve Robotics in the 2nd quarter worth approximately $110,000. Bfsg LLC bought a new stake in shares of Serve Robotics in the 3rd quarter worth approximately $38,000. Finally, GSA Capital Partners LLP acquired a new stake in Serve Robotics during the third quarter valued at approximately $152,000.

About Serve Robotics

(Get Free Report)

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.

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