Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s share price was down 3.8% on Thursday . The stock traded as low as $12.68 and last traded at $12.86. Approximately 4,210,078 shares traded hands during trading, a decline of 69% from the average daily volume of 13,490,020 shares. The stock had previously closed at $13.37.
Several research analysts have recently issued reports on the company. Northland Securities increased their price target on Serve Robotics from $16.00 to $23.00 and gave the stock an "outperform" rating in a research note on Wednesday, January 15th. LADENBURG THALM/SH SH started coverage on shares of Serve Robotics in a report on Monday, October 28th. They issued a "buy" rating and a $16.00 price objective for the company. Two 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 has a consensus rating of "Strong Buy" and a consensus target price of $19.50.
View Our Latest Research Report on Serve Robotics
The company has a fifty day moving average of $16.54 and a 200 day moving average of $11.93.
In related news, COO Touraj Parang sold 50,000 shares of Serve Robotics stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $12.99, for a total transaction of $649,500.00. Following 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ali Kashani sold 37,500 shares of the company's stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $21.16, for a total transaction 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 disclosure for this sale can be found here. In the last 90 days, insiders have sold 185,793 shares of company stock valued at $2,733,515. Corporate insiders own 21.40% of the company's stock.
Several hedge funds have recently added to or reduced their stakes in the business. Blue Trust Inc. bought a new stake in shares of Serve Robotics during the 4th quarter worth $27,000. CIBC Private Wealth Group LLC purchased a new stake in shares of Serve Robotics during the fourth quarter valued at $34,000. Bogart Wealth LLC acquired a new position in shares of Serve Robotics in the 4th quarter valued at $37,000. Larson Financial Group LLC purchased a new position in Serve Robotics in the 3rd quarter worth about $26,000. Finally, SG Americas Securities LLC acquired a new stake in Serve Robotics during the 4th quarter worth about $114,000.
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.
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