Serve Robotics (NASDAQ:SERV) Stock Price Down 1.3% - Here's What Happened

Shares of Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) dropped 1.3% on Thursday . The stock traded as low as $15.90 and last traded at $15.90. Approximately 2,355,932 shares changed hands during trading, a decline of 81% from the average daily volume of 12,513,591 shares. The stock had previously closed at $16.11.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. 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 assumed coverage on shares of Serve Robotics in a research report on Monday, October 28th. They issued a "buy" rating and a $16.00 target price for the company. Northland Securities raised their target price on Serve Robotics from $16.00 to $23.00 and gave the company an "outperform" rating in a research note on Wednesday, January 15th. Finally, Northland Capmk raised Serve Robotics to a "strong-buy" rating in a report on Friday, October 18th. Two research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Strong Buy" and a consensus price target of $19.50.

Serve Robotics Price Performance

The company's 50-day moving average is $14.42 and its 200 day moving average is $11.24.

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

Insiders Place Their Bets

In other Serve Robotics news, CEO Ali Kashani sold 31,791 shares of the stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $11.39, for a total transaction of $362,099.49. Following the transaction, the chief executive officer now owns 3,346,998 shares in the company, valued at $38,122,307.22. This trade represents a 0.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director James Buckly Jordan sold 64,408 shares of Serve Robotics stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $8.57, for a total transaction of $551,976.56. Following the completion of the transaction, the director now directly owns 449,052 shares in the company, valued at approximately $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 a total of 253,027 shares of company stock valued at $3,309,166 in the last three months. Insiders own 21.40% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Blue Trust Inc. acquired a new position in Serve Robotics in the 4th quarter valued at approximately $27,000. Bogart Wealth LLC acquired a new position in Serve Robotics in the fourth quarter worth $37,000. Larson Financial Group LLC acquired a new stake in shares of Serve Robotics in the third quarter valued at $26,000. Bfsg LLC bought a new position in shares of Serve Robotics in the third quarter valued at about $38,000. Finally, SG Americas Securities LLC acquired a new position in Serve Robotics during the 4th quarter worth about $114,000.

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.

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