Serve Robotics (NASDAQ:SERV) Trading Down 6.3% - What's Next?

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) shares fell 6.3% during mid-day trading on Tuesday . The stock traded as low as $7.79 and last traded at $7.84. 1,789,369 shares changed hands during mid-day trading, a decline of 85% from the average session volume of 12,060,510 shares. The stock had previously closed at $8.37.

Wall Street Analysts Forecast Growth

Separately, Northland Securities set a $23.00 price objective on Serve Robotics in a research note on Tuesday, February 18th. Two 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.com, Serve Robotics presently has an average rating of "Strong Buy" and a consensus target price of $19.50.

Serve Robotics Stock Down 6.2 %

The stock has a fifty day moving average price of $15.29 and a 200-day moving average price of $11.67.

Insider Buying and Selling

In other news, COO Touraj Parang sold 50,000 shares of the company's stock in a transaction 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 sale, the chief operating officer now directly owns 1,163,439 shares in the company, valued at $15,113,072.61. This represents a 4.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ali Kashani sold 2,500 shares of the company's stock in a transaction on Monday, December 9th. The shares were sold at an average price of $13.52, for a total value of $33,800.00. Following the completion of the sale, the chief executive officer now owns 3,344,498 shares in the company, valued at $45,217,612.96. This represents a 0.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 145,531 shares of company stock valued at $2,296,330 over the last quarter. Company insiders own 21.40% of the company's stock.

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Institutional Investors Weigh In On Serve Robotics

Several institutional investors and hedge funds have recently added to or reduced their stakes in SERV. Jefferies Financial Group Inc. lifted its holdings in Serve Robotics by 30.3% during the 4th quarter. Jefferies Financial Group Inc. now owns 17,200 shares of the company's stock worth $232,000 after buying an additional 4,000 shares during the last quarter. Two Sigma Investments LP acquired a new stake in shares of Serve Robotics in the fourth quarter worth $815,000. Tidal Investments LLC boosted its position in Serve Robotics by 57.6% during the fourth quarter. Tidal Investments LLC now owns 51,846 shares of the company's stock valued at $700,000 after purchasing an additional 18,948 shares during the last quarter. Man Group plc bought a new position in Serve Robotics during the fourth quarter valued at about $467,000. Finally, OMERS ADMINISTRATION Corp bought a new position in shares of Serve Robotics in the fourth quarter worth about $431,000.

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.