Serve Robotics (NASDAQ:SERV) Stock Price Down 3.1% – Here’s What Happened

Serve Robotics Inc. (NASDAQ:SERV)’s stock price was down 3.1% during mid-day trading on Thursday . The company traded as low as $6.99 and last traded at $7.17. Approximately 1,570,480 shares changed hands during trading, a decline of 84% from the average daily volume of 9,649,899 shares. The stock had previously closed at $7.40.

Wall Street Analyst Weigh In

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

Serve Robotics Price Performance

The stock’s 50 day moving average is $13.77 and its two-hundred day moving average is $11.54. The stock has a market capitalization of $389.55 million and a PE ratio of -5.68.

Insider Buying and Selling

In other Serve Robotics news, CEO Ali Kashani sold 3,713 shares of the firm’s stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $9.21, for a total value of $34,196.73. Following the completion of the sale, the chief executive officer now owns 3,225,852 shares of the company’s stock, valued at approximately $29,710,096.92. This trade represents a 0.11 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last ninety days, insiders have sold 66,570 shares of company stock worth $1,222,484. Company insiders own 21.40% of the company’s stock.

Institutional Investors Weigh In On Serve Robotics

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Jefferies Financial Group Inc. lifted its holdings in Serve Robotics by 30.3% in the fourth quarter. Jefferies Financial Group Inc. now owns 17,200 shares of the company’s stock valued at $232,000 after acquiring an additional 4,000 shares during the period. Two Sigma Investments LP purchased a new position in shares of Serve Robotics in the fourth quarter valued at $815,000. Tidal Investments LLC increased its position in shares of Serve Robotics by 57.6% in the fourth quarter. Tidal Investments LLC now owns 51,846 shares of the company’s stock valued at $700,000 after buying an additional 18,948 shares in the last quarter. Man Group plc purchased a new position in shares of Serve Robotics in the fourth quarter valued at $467,000. Finally, OMERS ADMINISTRATION Corp purchased a new position in shares of Serve Robotics in the fourth quarter valued at $431,000.

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.