Serve Robotics (NASDAQ:SERV) Stock Price Down 13.5% – Here’s Why

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

Wall Street Analysts Forecast Growth

SERV has been the subject of a number of research reports. Seaport Res Ptn upgraded Serve Robotics to a “strong-buy” rating in a research report on Monday, October 7th. 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 on the stock. Northland Securities upped their target price on Serve Robotics from $16.00 to $23.00 and gave the stock an “outperform” rating in a research report on Wednesday. Finally, Northland Capmk upgraded Serve Robotics to a “strong-buy” rating in a report on Friday, October 18th. Two research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Strong Buy” and an average price target of $19.50.

Serve Robotics Stock Up 12.7 %

The stock’s fifty day moving average is $12.40 and its 200-day moving average is $10.07.

Insider Transactions at Serve Robotics

In related news, COO Touraj Parang sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $12.99, for a total value of $649,500.00. Following the completion of the sale, the chief operating officer now directly owns 1,163,439 shares in the company, valued at approximately $15,113,072.61. The trade was a 4.12 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Ali Kashani sold 9,719 shares of the stock in a transaction that occurred 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 approximately $29,425,437.26. This trade represents a 0.29 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 253,027 shares of company stock worth $3,309,166. 21.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Yong Rong HK Asset Management Ltd acquired a new stake in shares of Serve Robotics in the third quarter worth $9,636,000. Thomist Capital Management LP acquired a new position in Serve Robotics in the 2nd quarter valued at approximately $407,000. Geode Capital Management LLC increased its position in shares of Serve Robotics by 128.1% during the third quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock valued at $1,041,000 after purchasing an additional 73,496 shares during the period. Harbour Capital Advisors LLC increased 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 valued at $680,000 after buying an additional 25,475 shares during the period. Finally, State Street Corp acquired a new position in shares of Serve Robotics in the 3rd quarter valued at $333,000.

Serve Robotics Company Profile

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.