Serve Robotics (NASDAQ:SERV) Trading Down 9.7% – Should You Sell?

Serve Robotics Inc. (NASDAQ:SERV) was down 9.7% during trading on Thursday . The stock traded as low as $15.90 and last traded at $16.80. Approximately 12,347,663 shares changed hands during trading, a decline of 31% from the average daily volume of 17,956,303 shares. The stock had previously closed at $18.61.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Northland Capmk raised Serve Robotics to a “strong-buy” rating in a research note on Friday, October 18th. LADENBURG THALM/SH SH assumed coverage on Serve Robotics in a research note on Monday, October 28th. They issued a “buy” rating and a $16.00 price objective for the company. Seaport Res Ptn raised Serve Robotics to a “strong-buy” rating in a research note on Monday, October 7th. Finally, Northland Securities assumed coverage on Serve Robotics in a research note on Friday, October 18th. They issued an “outperform” rating and a $16.00 price objective for the company. Two analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Strong Buy” and a consensus price target of $16.00.

Serve Robotics Trading Up 11.5 %

The company has a 50-day moving average of $12.16 and a 200-day moving average of $9.77.

Insider Activity at Serve Robotics

In related news, Director James Buckly Jordan sold 64,408 shares of Serve Robotics stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $8.57, for a total transaction of $551,976.56. Following the sale, the director now directly owns 449,052 shares in the company, valued at approximately $3,848,375.64. This trade represents a 12.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Ali Kashani sold 31,791 shares of Serve Robotics stock in a transaction on Friday, December 6th. The stock was sold at an average price of $11.39, for a total value of $362,099.49. Following the sale, the chief executive officer now owns 3,346,998 shares in the company, valued at $38,122,307.22. This trade represents a 0.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 253,027 shares of company stock valued at $3,309,166 over the last 90 days. Insiders own 21.40% of the company’s stock.

Institutional Trading of Serve Robotics

Several hedge funds have recently made changes to their positions in the company. State Street Corp bought a new stake in shares of Serve Robotics during the 3rd quarter valued at $333,000. Geode Capital Management LLC raised its stake in shares of Serve Robotics by 128.1% during the 3rd quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock valued at $1,041,000 after purchasing an additional 73,496 shares during the period. Yong Rong HK Asset Management Ltd bought a new stake in shares of Serve Robotics during the 3rd quarter valued at $9,636,000. Thomist Capital Management LP bought a new stake in shares of Serve Robotics during the 2nd quarter valued at $407,000. Finally, PFG Investments LLC bought a new stake in shares of Serve Robotics during the 2nd quarter valued at $110,000.

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.