Serve Robotics (NASDAQ:SERV) Stock Price Down 12.3% - What's Next?

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) dropped 12.3% on Monday . The company traded as low as $17.03 and last traded at $16.89. Approximately 5,518,794 shares traded hands during mid-day trading, a decline of 59% from the average daily volume of 13,545,367 shares. The stock had previously closed at $19.26.

Analysts Set New Price Targets

SERV has been the subject of a number of research reports. Seaport Res Ptn upgraded Serve Robotics to a "strong-buy" rating in a research note on Monday, October 7th. Northland Securities boosted their price objective on Serve Robotics from $16.00 to $23.00 and gave the company an "outperform" rating in a research note on Wednesday, January 15th. Northland Capmk upgraded Serve Robotics to a "strong-buy" rating in a research note on Friday, October 18th. Finally, LADENBURG THALM/SH SH initiated coverage on Serve Robotics in a research note on Monday, October 28th. They issued a "buy" rating and a $16.00 price objective for the company. Two investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, Serve Robotics has an average rating of "Strong Buy" and a consensus target price of $19.50.

Serve Robotics Stock Performance

The business has a 50 day moving average of $14.27 and a 200 day moving average of $11.20.

Serve Robotics (NASDAQ:SERV - Get Free Report) last released its earnings results on Thursday, November 7th. The company reported ($0.20) earnings per share for the quarter, hitting the consensus estimate of ($0.20). Serve Robotics had a negative return on equity of 184.60% and a negative net margin of 1,972.12%. The firm had revenue of $0.22 million for the quarter, compared to the consensus estimate of $0.36 million. Research analysts expect that Serve Robotics Inc. will post -0.98 EPS for the current year.

Insider Activity

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 stock was sold at an average price of $21.16, for a total transaction of $793,500.00. Following the completion of the sale, the chief executive officer now owns 3,230,990 shares in the company, valued at $68,367,748.40. This trade represents a 1.15 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Touraj Parang sold 50,000 shares of Serve Robotics 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 completion of the transaction, the chief operating officer now owns 1,163,439 shares of the company's stock, valued at approximately $15,113,072.61. The trade was a 4.12 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 253,027 shares of company stock worth $3,309,166. 21.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Serve Robotics

A number of hedge funds have recently modified their holdings of SERV. Yong Rong HK Asset Management Ltd bought a new position in Serve Robotics during the third quarter valued at about $9,636,000. Exchange Traded Concepts LLC bought a new position in Serve Robotics during the fourth quarter valued at about $9,066,000. Geode Capital Management LLC increased its stake in Serve Robotics by 128.1% during the third quarter. Geode Capital Management LLC now owns 130,853 shares of the company's stock valued at $1,041,000 after acquiring an additional 73,496 shares during the period. State Street Corp bought a new stake in shares of Serve Robotics in the 3rd quarter valued at approximately $333,000. Finally, Tidal Investments LLC bought a new stake in shares of Serve Robotics in the 3rd quarter valued at approximately $262,000.

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.

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