Serve Robotics (NASDAQ:SERV) Stock Price Down 39.6% - What's Next?

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s share price dropped 39.6% during trading on Monday . The company traded as low as $12.67 and last traded at $13.85. Approximately 53,584,753 shares were traded during mid-day trading, an increase of 460% from the average daily volume of 9,570,236 shares. The stock had previously closed at $22.92.

Wall Street Analysts Forecast Growth

SERV has been the topic of a number of research reports. LADENBURG THALM/SH SH assumed coverage on Serve Robotics in a report on Monday, October 28th. They issued a "buy" rating and a $16.00 price objective on the stock. Northland Securities increased 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. Two 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 stock currently has an average rating of "Strong Buy" and an average price target of $19.50.

Serve Robotics Trading Down 1.9 %

The business has a 50 day simple moving average of $16.57 and a two-hundred day simple moving average of $11.94.

Insider Buying and Selling at Serve Robotics

In other news, CEO Ali Kashani sold 2,500 shares of Serve Robotics stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $13.52, for a total value of $33,800.00. Following the completion of the transaction, the chief executive officer now owns 3,344,498 shares in the company, valued at approximately $45,217,612.96. This trade represents a 0.07 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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. Insiders sold a total of 185,793 shares of company stock worth $2,733,515 in the last 90 days. 21.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in SERV. Uber Technologies Inc acquired a new position in shares of Serve Robotics in the 4th quarter worth approximately $71,534,000. Yong Rong HK Asset Management Ltd bought a new stake in shares of Serve Robotics in the 3rd quarter worth approximately $9,636,000. Exchange Traded Concepts LLC bought a new stake in shares of Serve Robotics in the 4th quarter worth approximately $9,066,000. Vanguard Group Inc. lifted its holdings in shares of Serve Robotics by 74.6% in the 4th quarter. Vanguard Group Inc. now owns 1,274,303 shares of the company's stock worth $17,203,000 after purchasing an additional 544,537 shares during the last quarter. Finally, Legal & General Group Plc bought a new stake in shares of Serve Robotics in the 4th quarter worth approximately $6,629,000.

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.