Serve Robotics (NASDAQ:SERV) Trading Down 3.8% – Should You Sell?

Serve Robotics Inc. (NASDAQ:SERV)’s stock price fell 3.8% during mid-day trading on Thursday . The stock traded as low as $12.68 and last traded at $12.86. 4,210,078 shares traded hands during trading, a decline of 69% from the average session volume of 13,490,020 shares. The stock had previously closed at $13.37.

Wall Street Analyst Weigh In

Several brokerages have recently commented on SERV. LADENBURG THALM/SH SH assumed coverage on Serve Robotics in a research report on Monday, October 28th. They issued a “buy” rating and a $16.00 target price for the company. Northland Securities raised their price objective on Serve Robotics from $16.00 to $23.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 15th. Two investment analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Strong Buy” and an average price target of $19.50.

Serve Robotics Price Performance

The business’s 50-day simple moving average is $16.54 and its 200-day simple moving average is $11.93.

Insider Buying and Selling

In other Serve Robotics news, COO Touraj Parang sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $12.99, for a total value of $649,500.00. Following the completion of the sale, 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 SEC, which is available at this hyperlink. Also, CEO Ali Kashani sold 2,500 shares of the firm’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $13.52, for a total transaction of $33,800.00. Following the transaction, the chief executive officer now owns 3,344,498 shares in the company, valued at $45,217,612.96. This represents a 0.07 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 185,793 shares of company stock worth $2,733,515. Corporate insiders own 21.40% of the company’s stock.

Institutional Investors Weigh In On Serve Robotics

A number of large investors have recently bought and sold shares of SERV. State Street Corp acquired a new stake in shares of Serve Robotics in the third quarter worth about $333,000. Exchange Traded Concepts LLC bought a new position in shares of Serve Robotics in the 4th quarter valued at approximately $9,066,000. Atomi Financial Group Inc. acquired a new stake in Serve Robotics in the 4th quarter worth approximately $209,000. Geode Capital Management LLC boosted its position in Serve Robotics by 128.1% during the third quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock worth $1,041,000 after purchasing an additional 73,496 shares during the period. Finally, Yong Rong HK Asset Management Ltd acquired a new position in Serve Robotics during the third quarter valued at approximately $9,636,000.

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.