Serve Robotics (NASDAQ:SERV) Stock Price Down 2.1% - Here's Why

Shares of Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) dropped 2.1% on Thursday . The company traded as low as $7.64 and last traded at $8.10. Approximately 1,690,013 shares traded hands during trading, a decline of 86% from the average daily volume of 11,762,455 shares. The stock had previously closed at $8.28.

Wall Street Analysts Forecast Growth

Separately, Northland Securities set a $23.00 price objective on Serve Robotics in a research report on Tuesday, February 18th. 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. According to MarketBeat, Serve Robotics presently has a consensus rating of "Strong Buy" and a consensus target price of $19.50.

Serve Robotics Stock Performance

The stock has a fifty day moving average of $15.29 and a 200 day moving average of $11.68. The company has a market capitalization of $329.13 million and a PE ratio of -6.19.

Insider Buying and Selling

In other news, CEO Ali Kashani sold 3,713 shares of the company's stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $9.21, for a total transaction of $34,196.73. Following the sale, the chief executive officer now directly owns 3,225,852 shares of the company's stock, valued at $29,710,096.92. This represents a 0.11 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Touraj Parang sold 50,000 shares of the company'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 sale, the chief operating officer now directly owns 1,163,439 shares in the company, valued at $15,113,072.61. This trade represents a 4.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 145,531 shares of company stock valued at $2,296,330. Corporate insiders own 21.40% of the company's stock.

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Institutional Trading of Serve Robotics

Several hedge funds have recently modified their holdings of the company. Blue Trust Inc. purchased a new stake in shares of Serve Robotics during the 4th quarter worth approximately $27,000. CIBC Private Wealth Group LLC purchased a new stake in shares of Serve Robotics during the 4th quarter worth approximately $34,000. Bogart Wealth LLC purchased a new stake in shares of Serve Robotics during the 4th quarter worth approximately $37,000. Larson Financial Group LLC purchased a new stake in shares of Serve Robotics during the 3rd quarter worth approximately $26,000. Finally, Jefferies Financial Group Inc. increased its position in shares of Serve Robotics by 30.3% during the 4th quarter. Jefferies Financial Group Inc. now owns 17,200 shares of the company's stock valued at $232,000 after purchasing an additional 4,000 shares during the last quarter.

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.