Serve Robotics (NASDAQ:SERV) Trading Down 39.6% - Here's What Happened

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

Analysts Set New Price Targets

A number of brokerages have weighed in on SERV. 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 price objective for the company. Northland Securities lifted their price objective on Serve Robotics from $16.00 to $23.00 and gave the stock an "outperform" rating in a report on Wednesday, January 15th. 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, the company currently has a consensus rating of "Strong Buy" and a consensus price target of $19.50.

Serve Robotics Stock Performance

The company's 50-day simple moving average is $16.57 and its 200-day simple moving average is $11.94.

Insider Activity at Serve Robotics

In related news, COO Touraj Parang sold 50,000 shares of the business's stock in a transaction dated Monday, December 9th. The shares were 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Ali Kashani sold 37,500 shares of the firm's stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $21.16, for a total value of $793,500.00. Following the completion of the sale, the chief executive officer now directly owns 3,230,990 shares in the company, valued at approximately $68,367,748.40. The trade was a 1.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 185,793 shares of company stock worth $2,733,515 over the last three months. 21.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Serve Robotics

Institutional investors have recently made changes to their positions in the company. Uber Technologies Inc acquired a new position in shares of Serve Robotics in the 4th quarter valued at $71,534,000. Yong Rong HK Asset Management Ltd acquired a new stake in shares of Serve Robotics in the third quarter worth $9,636,000. Exchange Traded Concepts LLC acquired a new stake in shares of Serve Robotics in the fourth quarter valued at about $9,066,000. Vanguard Group Inc. lifted its holdings in shares of Serve Robotics by 74.6% during the fourth quarter. Vanguard Group Inc. now owns 1,274,303 shares of the company's stock worth $17,203,000 after buying 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 fourth quarter valued at about $6,629,000.

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.