Serve Robotics (NASDAQ:SERV) Shares Down 9.7% - What's Next?

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s share price dropped 9.7% during mid-day trading on Tuesday . The company traded as low as $11.63 and last traded at $12.51. Approximately 15,345,986 shares changed hands during mid-day trading, an increase of 18% from the average daily volume of 13,038,644 shares. The stock had previously closed at $13.85.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. LADENBURG THALM/SH SH assumed coverage on Serve Robotics in a research report on Monday, October 28th. They set a "buy" rating and a $16.00 price target on the stock. Northland Securities upped their price target on Serve Robotics from $16.00 to $23.00 and gave the company an "outperform" rating in a research 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's stock. Based on data from MarketBeat, the stock presently has an average rating of "Strong Buy" and a consensus target price of $19.50.

Serve Robotics Price Performance

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

Insider Buying and Selling

In other Serve Robotics news, COO Touraj Parang sold 50,000 shares of the company's stock in a transaction that occurred 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 completion of the sale, the chief operating officer now owns 1,163,439 shares of the company's stock, valued at $15,113,072.61. This represents a 4.12 % decrease in their ownership of the stock. The sale was disclosed in a 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 that occurred on Monday, December 9th. The stock was 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 directly owns 3,344,498 shares of the company's stock, valued at approximately $45,217,612.96. This represents a 0.07 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 185,793 shares of company stock worth $2,733,515. Insiders own 21.40% of the company's stock.

Institutional Trading of Serve Robotics

A number of institutional investors have recently made changes to their positions in the stock. Two Sigma Investments LP purchased a new stake in shares of Serve Robotics during the fourth quarter valued at approximately $815,000. Tidal Investments LLC boosted its stake in shares of 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 period. Man Group plc purchased a new stake in shares of Serve Robotics during the fourth quarter valued at approximately $467,000. OMERS ADMINISTRATION Corp purchased a new stake in shares of Serve Robotics during the fourth quarter valued at approximately $431,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Serve Robotics during the fourth quarter valued at approximately $1,279,000.

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.