Serve Robotics (NASDAQ:SERV) Shares Down 6.7% - What's Next?

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s share price was down 6.7% on Friday . The stock traded as low as $7.20 and last traded at $7.39. Approximately 2,375,161 shares traded hands during trading, a decline of 80% from the average daily volume of 11,618,247 shares. The stock had previously closed at $7.92.

Wall Street Analysts Forecast Growth

Separately, Northland Securities set a $23.00 target price on Serve Robotics in a research note on Tuesday, February 18th. Two investment analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Strong Buy" and an average target price of $19.50.

Serve Robotics Stock Performance

The firm has a 50 day simple moving average of $15.12 and a two-hundred day simple moving average of $11.65. The stock has a market cap of $295.91 million and a P/E ratio of -5.57.

Insider Transactions at Serve Robotics

In other news, CEO Ali Kashani sold 37,500 shares of the business's stock in a transaction on Monday, January 6th. The stock was sold at an average price of $21.16, for a total value of $793,500.00. Following the sale, the chief executive officer now owns 3,230,990 shares of the company's stock, valued at approximately $68,367,748.40. The trade was a 1.15 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In the last 90 days, insiders have sold 93,031 shares of company stock valued at $1,613,030. Corporate insiders own 21.40% of the company's stock.

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Institutional Trading of Serve Robotics

Hedge funds and other institutional investors have recently modified their holdings of the company. State Street Corp bought a new stake in shares of Serve Robotics in the 3rd quarter worth $333,000. Exchange Traded Concepts LLC bought a new stake in shares of Serve Robotics in the 4th quarter worth $9,066,000. Atomi Financial Group Inc. bought a new stake in shares of Serve Robotics in the 4th quarter worth $209,000. Geode Capital Management LLC grew its holdings 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 acquiring an additional 73,496 shares during the last quarter. Finally, Stephens Inc. AR acquired a new position in shares of Serve Robotics in the 4th quarter worth $142,000.

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.