Serve Robotics (NASDAQ:SERV) Stock Price Down 1% – Here’s Why

Shares of Serve Robotics Inc. (NASDAQ:SERV) traded down 1% on Tuesday . The company traded as low as $16.86 and last traded at $18.08. 3,647,811 shares changed hands during mid-day trading, a decline of 75% from the average session volume of 14,430,186 shares. The stock had previously closed at $18.26.

Analyst Ratings Changes

SERV has been the topic of several analyst reports. Seaport Res Ptn upgraded shares of Serve Robotics to a “strong-buy” rating in a research note on Monday, October 7th. Northland Capmk upgraded Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. Northland Securities upped their price objective on shares of Serve Robotics from $16.00 to $23.00 and gave the stock an “outperform” rating in a report on Wednesday, January 15th. Finally, LADENBURG THALM/SH SH began coverage on shares of Serve Robotics in a research report on Monday, October 28th. They set a “buy” rating and a $16.00 price target on the stock. Two equities research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Serve Robotics presently has an average rating of “Strong Buy” and an average target price of $19.50.

Serve Robotics Stock Performance

The company’s 50-day moving average price is $13.09 and its two-hundred day moving average price is $10.53.

Insider Activity

In other news, COO Touraj Parang sold 50,000 shares of Serve Robotics stock in a transaction on Monday, December 9th. The stock was sold at an average price of $12.99, for a total transaction of $649,500.00. Following the transaction, the chief operating officer now owns 1,163,439 shares in the company, valued at approximately $15,113,072.61. The trade was a 4.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Ali Kashani sold 2,500 shares of the firm’s 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 sale, the chief executive officer now owns 3,344,498 shares of the company’s stock, 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. In the last 90 days, insiders sold 253,027 shares of company stock worth $3,309,166. Insiders own 21.40% of the company’s stock.

Institutional Trading of Serve Robotics

Institutional investors have recently made changes to their positions in the stock. Yong Rong HK Asset Management Ltd acquired a new position in Serve Robotics during the third quarter worth $9,636,000. Exchange Traded Concepts LLC acquired a new position in shares of Serve Robotics during the 4th quarter valued at about $9,066,000. Geode Capital Management LLC lifted its holdings in Serve Robotics by 128.1% in the 3rd quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock worth $1,041,000 after purchasing an additional 73,496 shares during the last quarter. Harbour Capital Advisors LLC lifted its holdings in Serve Robotics by 102.4% in the 4th quarter. Harbour Capital Advisors LLC now owns 50,365 shares of the company’s stock worth $680,000 after purchasing an additional 25,475 shares during the last quarter. Finally, State Street Corp bought a new stake in Serve Robotics during the third quarter worth approximately $333,000.

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.