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

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

Analysts Set New Price Targets

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

Serve Robotics Stock Performance

The business has a 50-day moving average of $13.77 and a 200 day moving average of $11.54. The stock has a market cap of $389.55 million and a PE ratio of -5.68.

Insider Activity

In other news, CEO Ali Kashani sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $14.55, for a total value of $72,750.00. Following the completion of the sale, the chief executive officer now directly owns 3,290,990 shares in the company, valued at approximately $47,883,904.50. The trade was a 0.15 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 66,570 shares of company stock valued at $1,222,484 in the last three months. Corporate insiders own 21.40% of the company’s stock.

Institutional Investors Weigh In On Serve Robotics

A number of institutional investors have recently made changes to their positions in SERV. State Street Corp bought a new position in Serve Robotics during the 3rd quarter worth $333,000. Exchange Traded Concepts LLC bought a new position in Serve Robotics during the 4th quarter worth $9,066,000. Atomi Financial Group Inc. bought a new position in Serve Robotics during the 4th quarter worth $209,000. Geode Capital Management LLC grew its stake in Serve Robotics by 128.1% during the 3rd quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock worth $1,041,000 after buying an additional 73,496 shares during the last quarter. Finally, Stephens Inc. AR bought a new position in Serve Robotics during 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.