Serve Robotics (NASDAQ:SERV) Stock Price Down 6.3% – What’s Next?

Shares of Serve Robotics Inc. (NASDAQ:SERV) dropped 6.3% on Tuesday . The company traded as low as $7.79 and last traded at $7.84. Approximately 1,789,369 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 12,060,510 shares. The stock had previously closed at $8.37.

Analyst Upgrades and Downgrades

Separately, Northland Securities set a $23.00 target price on Serve Robotics in a research report on Tuesday, February 18th. Two research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, Serve Robotics presently has an average rating of “Strong Buy” and an average price target of $19.50.

Serve Robotics Stock Up 0.4 %

The firm’s 50 day moving average is $15.90 and its 200-day moving average is $11.77.

Insider Transactions at Serve Robotics

In other Serve Robotics news, CEO Ali Kashani sold 2,500 shares of the firm’s stock in a transaction on 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 owns 3,344,498 shares in the company, valued at approximately $45,217,612.96. This trade represents a 0.07 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, 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 sale, the chief operating officer now directly owns 1,163,439 shares in the company, valued at approximately $15,113,072.61. This trade represents a 4.12 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 178,655 shares of company stock valued at $2,673,114 over the last ninety days. Insiders own 21.40% of the company’s stock.

Institutional Investors Weigh In On Serve Robotics

Several hedge funds and other institutional investors have recently made changes to their positions in SERV. State Street Corp purchased a new position in Serve Robotics in the third quarter worth approximately $333,000. Exchange Traded Concepts LLC purchased a new position in shares of Serve Robotics in the fourth quarter valued at approximately $9,066,000. Atomi Financial Group Inc. purchased a new stake in Serve Robotics during the 4th quarter worth approximately $209,000. Geode Capital Management LLC boosted its holdings in Serve Robotics by 128.1% in 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. Finally, Stephens Inc. AR acquired a new stake in Serve Robotics in the fourth quarter valued at approximately $142,000.

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.