Serve Robotics (NASDAQ:SERV) Shares Gap Down - Here's What Happened

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $22.89, but opened at $19.51. Serve Robotics shares last traded at $19.89, with a volume of 6,509,854 shares.

Analysts Set New Price Targets

SERV has been the topic of several research reports. Seaport Res Ptn raised shares of Serve Robotics to a "strong-buy" rating in a research report on Monday, October 7th. LADENBURG THALM/SH SH initiated coverage on Serve Robotics in a report on Monday, October 28th. They issued a "buy" rating and a $16.00 target price for the company. Northland Securities assumed coverage on shares of Serve Robotics in a report on Friday, October 18th. They set an "outperform" rating and a $16.00 price objective on the stock. Finally, Northland Capmk raised Serve Robotics to a "strong-buy" rating in a report on Friday, October 18th. Two equities research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company's stock. According to MarketBeat, Serve Robotics currently has a consensus rating of "Strong Buy" and a consensus price target of $16.00.

Serve Robotics Trading Down 18.7 %

The stock's 50-day moving average is $11.75 and its 200-day moving average is $9.55.

Insider Activity

In related news, Director James Buckly Jordan sold 64,408 shares of the firm's stock in a transaction 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 transaction, the director now directly owns 449,052 shares in the company, valued at $3,848,375.64. This trade represents a 12.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Touraj Parang sold 50,000 shares of Serve Robotics 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 directly 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 disclosure for this sale can be found here. Insiders have sold 252,462 shares of company stock worth $3,298,197 over the last 90 days. Company insiders own 21.40% of the company's stock.

Institutional Investors Weigh In On Serve Robotics

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Larson Financial Group LLC bought a new position in shares of Serve Robotics in the third quarter valued at $26,000. Bfsg LLC acquired a new stake in shares of Serve Robotics during the third quarter worth approximately $38,000. Gordian Capital Singapore Pte Ltd purchased a new position in Serve Robotics during the third quarter valued at approximately $68,000. Quantum Private Wealth LLC purchased a new position in shares of Serve Robotics during the 3rd quarter valued at $80,000. Finally, Quadrature Capital Ltd acquired a new position in Serve Robotics in the 3rd quarter worth about $148,000.

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.