Serve Robotics (NASDAQ:SERV) Trading Down 3.3% – What’s Next?

Shares of Serve Robotics Inc. (NASDAQ:SERV) were down 3.3% during mid-day trading on Monday . The company traded as low as $18.08 and last traded at $18.26. Approximately 9,804,907 shares were traded during trading, a decline of 13% from the average daily volume of 11,310,806 shares. The stock had previously closed at $18.88.

Wall Street Analysts Forecast Growth

A number of 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. LADENBURG THALM/SH SH began coverage on shares of Serve Robotics in a report on Monday, October 28th. They set a “buy” rating and a $16.00 price objective on the stock. Northland Securities lifted their price objective on shares of Serve Robotics from $16.00 to $23.00 and gave the company an “outperform” rating in a report on Wednesday, January 15th. Finally, Seaport Res Ptn raised shares of Serve Robotics to a “strong-buy” rating in a research report on Monday, October 7th. Two investment analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Strong Buy” and a consensus target price of $19.50.

Serve Robotics Stock Performance

The company’s 50-day simple moving average is $12.91 and its 200 day simple moving average is $10.42.

Insider Transactions at Serve Robotics

In other Serve Robotics news, COO Touraj Parang sold 50,000 shares of the business’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. The trade was a 4.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Ali Kashani sold 37,500 shares of the 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 transaction, the chief executive officer now owns 3,230,990 shares of the company’s stock, valued at $68,367,748.40. The trade was a 1.15 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 253,027 shares of company stock worth $3,309,166 in the last ninety days. Company insiders own 21.40% of the company’s stock.

Hedge Funds Weigh In On Serve Robotics

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bfsg LLC purchased a new stake in shares of Serve Robotics during the 3rd quarter valued at approximately $38,000. Harbour Capital Advisors LLC purchased a new stake in shares of Serve Robotics during the third quarter worth $198,000. Yong Rong HK Asset Management Ltd bought a new position in shares of Serve Robotics in the third quarter worth $9,636,000. Quantum Private Wealth LLC purchased a new position in shares of Serve Robotics in the third quarter valued at $80,000. Finally, GSA Capital Partners LLP purchased a new stake in Serve Robotics during the 3rd quarter worth about $152,000.

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.