Serve Robotics (NASDAQ:SERV) Trading Down 39.7% - Here's Why

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) dropped 39.7% during mid-day trading on Friday . The stock traded as low as $12.67 and last traded at $13.82. Approximately 35,654,497 shares changed hands during trading, an increase of 189% from the average daily volume of 12,334,668 shares. The stock had previously closed at $22.92.

Wall Street Analysts Forecast Growth

SERV has been the subject of several analyst reports. LADENBURG THALM/SH SH initiated coverage on shares of Serve Robotics in a research report on Monday, October 28th. They set a "buy" rating and a $16.00 price target for the company. Northland Securities increased their target price on shares of Serve Robotics from $16.00 to $23.00 and gave the stock an "outperform" rating in a report on Wednesday, January 15th. Two equities research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Strong Buy" and an average price target of $19.50.

Serve Robotics Stock Down 39.6 %

The stock's 50 day moving average is $16.52 and its 200-day moving average is $11.96.

Insider Buying and Selling

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 transaction of $793,500.00. Following the completion of the transaction, the chief executive officer now owns 3,230,990 shares of the company's stock, valued at approximately $68,367,748.40. This trade represents a 1.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Touraj Parang sold 50,000 shares of the firm's stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $12.99, for a total transaction of $649,500.00. Following 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 represents a 4.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 251,555 shares of company stock valued at $3,297,405 over the last three months. Corporate insiders own 21.40% of the company's stock.

Institutional Investors Weigh In On Serve Robotics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Larson Financial Group LLC purchased a new position in shares of Serve Robotics during the 3rd quarter worth $26,000. Blue Trust Inc. purchased a new position in shares of Serve Robotics during the 4th quarter worth $27,000. CIBC Private Wealth Group LLC purchased a new position in shares of Serve Robotics during the 4th quarter worth $34,000. Bogart Wealth LLC purchased a new position in shares of Serve Robotics during the 4th quarter worth $37,000. Finally, Gordian Capital Singapore Pte Ltd purchased a new position in shares of Serve Robotics during the 3rd quarter worth $68,000.

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.