Serve Robotics (NASDAQ:SERV) Trading Down 9.7% - Here's What Happened

Shares of Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) dropped 9.7% during trading on Thursday . The company traded as low as $15.90 and last traded at $16.80. Approximately 12,347,663 shares were traded during mid-day trading, a decline of 31% from the average daily volume of 17,956,303 shares. The stock had previously closed at $18.61.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on SERV. Northland Capmk raised Serve Robotics to a "strong-buy" rating in a research report on Friday, October 18th. Seaport Res Ptn upgraded Serve Robotics to a "strong-buy" rating in a report on Monday, October 7th. LADENBURG THALM/SH SH began coverage on shares of Serve Robotics in a research note on Monday, October 28th. They set a "buy" rating and a $16.00 price objective on the stock. Finally, Northland Securities assumed coverage on shares of Serve Robotics in a research note on Friday, October 18th. They issued an "outperform" rating and a $16.00 target price for the company. Two investment analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, Serve Robotics currently has a consensus rating of "Strong Buy" and a consensus target price of $16.00.

Serve Robotics Stock Down 9.7 %

The stock's fifty day simple moving average is $11.99 and its 200-day simple moving average is $9.65.

Insider Buying and Selling

In other news, Director James Buckly Jordan sold 64,408 shares of the company's stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $8.57, for a total value of $551,976.56. Following the completion of the sale, the director now directly owns 449,052 shares of the company's stock, valued at approximately $3,848,375.64. This represents a 12.54 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Ali Kashani sold 9,719 shares of the firm's stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $8.77, for a total transaction of $85,235.63. Following the transaction, the chief executive officer now owns 3,355,238 shares in the company, valued at $29,425,437.26. This represents a 0.29 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 252,462 shares of company stock valued at $3,298,197. Insiders own 21.40% of the company's stock.

Hedge Funds Weigh In On Serve Robotics

Hedge funds have recently modified their holdings of the company. Yong Rong HK Asset Management Ltd bought a new position in Serve Robotics during the third quarter valued at about $9,636,000. Thomist Capital Management LP bought a new position in shares of Serve Robotics during the 2nd quarter valued at about $407,000. Geode Capital Management LLC grew its stake in shares of Serve Robotics by 128.1% in the 3rd quarter. Geode Capital Management LLC now owns 130,853 shares of the company's stock worth $1,041,000 after purchasing an additional 73,496 shares during the last quarter. PFG Investments LLC bought a new stake in shares of Serve Robotics in the 2nd quarter worth approximately $110,000. Finally, State Street Corp acquired a new stake in Serve Robotics during the third quarter valued at approximately $333,000.

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.