Serve Robotics (NASDAQ:SERV) Trading Down 39.6% – Here’s Why

Serve Robotics Inc. (NASDAQ:SERV)’s share price dropped 39.6% during trading on Monday . The stock traded as low as $12.67 and last traded at $13.85. Approximately 53,584,753 shares were traded during trading, an increase of 460% from the average daily volume of 9,570,236 shares. The stock had previously closed at $22.92.

Wall Street Analyst Weigh In

Several research firms have weighed in on SERV. Northland Securities raised their price target on Serve Robotics from $16.00 to $23.00 and gave the company an “outperform” rating in a report on Wednesday, January 15th. LADENBURG THALM/SH SH started coverage on shares of Serve Robotics in a research note on Monday, October 28th. They issued a “buy” rating and a $16.00 target price on the stock. Two investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Strong Buy” and an average target price of $19.50.

Serve Robotics Stock Performance

The stock has a 50-day simple moving average of $16.52 and a two-hundred day simple moving average of $11.92.

Insider Buying and Selling

In other Serve Robotics news, CEO Ali Kashani sold 37,500 shares of the business’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $21.16, for a total value of $793,500.00. Following the completion of the sale, the chief executive officer now directly 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director James Buckly Jordan sold 64,408 shares of the company’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $8.57, for a total transaction of $551,976.56. Following the sale, the director now owns 449,052 shares of the company’s stock, valued at approximately $3,848,375.64. The trade was a 12.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 251,555 shares of company stock worth $3,297,405 in the last quarter. 21.40% of the stock is owned by insiders.

Institutional Trading of Serve Robotics

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Two Sigma Investments LP purchased a new position in shares of Serve Robotics in the fourth quarter worth $815,000. Tidal Investments LLC grew its holdings in Serve Robotics by 57.6% in the 4th quarter. Tidal Investments LLC now owns 51,846 shares of the company’s stock worth $700,000 after acquiring an additional 18,948 shares during the last quarter. Man Group plc purchased a new position in shares of Serve Robotics in the fourth quarter valued at about $467,000. OMERS ADMINISTRATION Corp bought a new position in shares of Serve Robotics during the fourth quarter valued at about $431,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Serve Robotics during the fourth quarter worth about $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.