Serve Robotics Inc. (SERV) experienced a significant decline today, closing at $14.78, down 21.11% from the previous close of $18.73. The stock opened at $17.53 and reached an intraday high of $17.58 before plummeting to a low of $14.74. The trading volume was notably high at 13,121,682 shares, 149.77% of the average volume, indicating heavy selling pressure throughout the day.
The sharp drop in SERV's stock price was primarily driven by a recent analyst forecast setting a price target of $16.00, suggesting a potential downside from its current levels. Despite a consensus "Strong Buy" rating, the forecast has contributed to negative sentiment among investors. Additionally, SERV led losses among stocks in the NVIDIA Portfolio, further exacerbating the downward pressure.
In related news, insider selling activity has been observed, with significant shares sold by company executives in recent months. This, combined with hedge funds adjusting their positions, may have added to the bearish sentiment.