Serve Robotics (NASDAQ:SERV) Stock Price Down 4.2% - What's Next?

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s share price dropped 4.2% on Tuesday . The company traded as low as $19.85 and last traded at $20.22. Approximately 3,097,651 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 11,532,460 shares. The stock had previously closed at $21.10.

Analysts Set New Price Targets

SERV has been the topic of a number of research reports. LADENBURG THALM/SH SH initiated coverage on shares of Serve Robotics in a research note on Monday, October 28th. They issued a "buy" rating and a $16.00 price target on the stock. Northland Capmk raised shares of Serve Robotics to a "strong-buy" rating in a research note on Friday, October 18th. Finally, Northland Securities raised their price target on shares of Serve Robotics from $16.00 to $23.00 and gave the company an "outperform" rating in a research note on Wednesday, January 15th. Two research analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Strong Buy" and a consensus price target of $19.50.

Serve Robotics Stock Down 39.6 %

The stock's 50 day simple moving average is $16.48 and its two-hundred day simple moving average is $12.06.

Insiders Place Their Bets

In other Serve Robotics news, CEO Ali Kashani sold 37,500 shares of the firm's stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $21.16, for a total value of $793,500.00. Following the transaction, the chief executive officer now directly owns 3,230,990 shares of the company's stock, valued at $68,367,748.40. This trade represents a 1.15 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director James Buckly Jordan sold 64,408 shares of the firm's stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $8.57, for a total transaction of $551,976.56. Following the sale, the director now owns 449,052 shares of the company's stock, valued at $3,848,375.64. This represents a 12.54 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 253,027 shares of company stock valued at $3,309,166 in the last ninety days. 21.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Serve Robotics

A number of hedge funds and other institutional investors have recently made changes to their positions in SERV. Bfsg LLC acquired a new stake in shares of Serve Robotics during the 3rd quarter worth approximately $38,000. Harbour Capital Advisors LLC acquired a new stake in shares of Serve Robotics during the 3rd quarter worth approximately $198,000. Yong Rong HK Asset Management Ltd acquired a new stake in shares of Serve Robotics during the 3rd quarter worth approximately $9,636,000. Quantum Private Wealth LLC acquired a new stake in shares of Serve Robotics during the 3rd quarter worth approximately $80,000. Finally, GSA Capital Partners LLP acquired a new stake in shares of Serve Robotics during the 3rd quarter worth approximately $152,000.

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.