Serve Robotics (NASDAQ:SERV) Trading Down 6.2% - What's Next?

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s share price fell 6.2% during mid-day trading on Tuesday . The stock traded as low as $9.54 and last traded at $9.73. 2,693,463 shares were traded during trading, a decline of 79% from the average session volume of 13,003,795 shares. The stock had previously closed at $10.37.

Wall Street Analysts Forecast Growth

Separately, Northland Securities set a $23.00 target price on shares of Serve Robotics in a report on Tuesday, February 18th. Two 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, Serve Robotics presently has a consensus rating of "Strong Buy" and an average target price of $19.50.

Serve Robotics Price Performance

The company has a fifty day moving average price of $16.02 and a 200-day moving average price of $11.78.

Insiders Place Their Bets

In related news, CEO Ali Kashani sold 37,500 shares of the company's stock in a transaction on Monday, January 6th. The shares were sold at an average price of $21.16, for a total transaction of $793,500.00. Following the sale, the chief executive officer now owns 3,230,990 shares of the company's stock, valued at $68,367,748.40. This represents a 1.15 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Touraj Parang sold 50,000 shares of Serve Robotics stock in a transaction on Monday, December 9th. The stock was sold at an average price of $12.99, for a total transaction of $649,500.00. Following the completion of the transaction, the chief operating officer now directly owns 1,163,439 shares of the company's stock, valued at $15,113,072.61. The trade was a 4.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 173,978 shares of company stock valued at $2,629,874 in the last quarter. 21.40% of the stock is currently owned by insiders.

Institutional Trading of Serve Robotics

Several hedge funds have recently made changes to their positions in the business. Yong Rong HK Asset Management Ltd purchased a new position in Serve Robotics in the third quarter worth about $9,636,000. Quantum Private Wealth LLC purchased a new position in shares of Serve Robotics in the 3rd quarter worth approximately $80,000. GSA Capital Partners LLP bought a new position in shares of Serve Robotics during the 3rd quarter valued at approximately $152,000. Larson Financial Group LLC purchased a new stake in Serve Robotics during the 3rd quarter valued at $26,000. Finally, Quadrature Capital Ltd bought a new stake in Serve Robotics in the third quarter worth $148,000.

Serve Robotics Company Profile

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.