Serve Robotics (NASDAQ:SERV) Shares Down 3.3% - Here's Why

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s stock price fell 3.3% during trading on Monday . The stock traded as low as $18.08 and last traded at $18.26. 9,804,907 shares were traded during mid-day trading, a decline of 13% from the average session volume of 11,310,806 shares. The stock had previously closed at $18.88.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Northland Securities increased their price target on Serve Robotics from $16.00 to $23.00 and gave the stock an "outperform" rating in a research report on Wednesday, January 15th. Seaport Res Ptn upgraded Serve Robotics to a "strong-buy" rating in a research report on Monday, October 7th. Northland Capmk upgraded Serve Robotics to a "strong-buy" rating in a research report on Friday, October 18th. Finally, LADENBURG THALM/SH SH initiated coverage on shares of Serve Robotics in a research report on Monday, October 28th. They issued a "buy" rating and a $16.00 price objective for the company. Two analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, Serve Robotics presently has an average rating of "Strong Buy" and an average price target of $19.50.

Serve Robotics Trading Down 3.3 %

The company has a 50 day simple moving average of $12.91 and a 200 day simple moving average of $10.42.

Insider Activity at Serve Robotics

In other Serve Robotics news, COO Touraj Parang sold 50,000 shares of the stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $12.99, for a total transaction of $649,500.00. Following the completion of the transaction, the chief operating officer now owns 1,163,439 shares of the company's stock, valued at $15,113,072.61. This trade represents a 4.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Ali Kashani sold 9,719 shares of Serve Robotics stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $8.77, for a total transaction of $85,235.63. Following the completion of the sale, the chief executive officer now owns 3,355,238 shares of the company's stock, valued at $29,425,437.26. This trade represents a 0.29 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 253,027 shares of company stock valued at $3,309,166. 21.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Serve Robotics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SERV. Larson Financial Group LLC purchased a new stake in Serve Robotics during the 3rd quarter worth about $26,000. Bfsg LLC purchased a new stake in shares of Serve Robotics during the third quarter worth approximately $38,000. Gordian Capital Singapore Pte Ltd purchased a new stake in shares of Serve Robotics during the third quarter worth approximately $68,000. Quantum Private Wealth LLC acquired a new stake in Serve Robotics in the third quarter valued at approximately $80,000. Finally, SG Americas Securities LLC purchased a new position in Serve Robotics in the fourth quarter worth approximately $114,000.

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.