Serve Robotics (NASDAQ:SERV) Stock Price Down 4.4% – Here’s Why

Serve Robotics Inc. (NASDAQ:SERV)’s stock price dropped 4.4% during trading on Tuesday . The company traded as low as $13.99 and last traded at $14.59. Approximately 2,888,425 shares traded hands during trading, a decline of 69% from the average daily volume of 9,435,514 shares. The stock had previously closed at $15.26.

Wall Street Analysts Forecast Growth

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

Serve Robotics Stock Down 9.2 %

The stock has a 50 day moving average price of $10.83 and a 200-day moving average price of $8.82.

Insiders Place Their Bets

In other news, Director James Buckly Jordan sold 64,408 shares of the company’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $8.57, for a total value of $551,976.56. Following the completion of the sale, 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 SEC, which is available at this link. Also, CEO Ali Kashani sold 9,719 shares of Serve Robotics stock in a transaction on Monday, November 25th. The shares were sold at an average price of $8.77, for a total value of $85,235.63. Following the transaction, the chief executive officer now owns 3,355,238 shares in the company, valued at $29,425,437.26. This trade represents a 0.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 207,422 shares of company stock valued at $2,374,854. Insiders own 21.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in SERV. Larson Financial Group LLC purchased a new stake in Serve Robotics in the 3rd quarter worth $26,000. Bfsg LLC bought a new position in shares of Serve Robotics in the third quarter worth about $38,000. Gordian Capital Singapore Pte Ltd purchased a new stake in shares of Serve Robotics during the third quarter worth about $68,000. Quantum Private Wealth LLC bought a new stake in Serve Robotics during the 3rd quarter valued at approximately $80,000. Finally, Quadrature Capital Ltd purchased a new position in Serve Robotics in the 3rd quarter worth approximately $148,000.

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.