Serve Robotics (NASDAQ:SERV) Shares Down 1% – Should You Sell?

Serve Robotics Inc. (NASDAQ:SERV) dropped 1% on Tuesday . The stock traded as low as $16.86 and last traded at $18.08. Approximately 3,647,811 shares were traded during mid-day trading, a decline of 75% from the average daily volume of 14,430,186 shares. The stock had previously closed at $18.26.

Wall Street Analyst Weigh In

Several research firms recently issued reports on SERV. Northland Securities increased their price target on shares of Serve Robotics from $16.00 to $23.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 15th. Seaport Res Ptn upgraded Serve Robotics to a “strong-buy” rating in a research report on Monday, October 7th. Northland Capmk upgraded Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. Finally, LADENBURG THALM/SH SH began coverage on shares of Serve Robotics in a report on Monday, October 28th. They issued a “buy” rating and a $16.00 target price for the company. Two equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat, Serve Robotics has a consensus rating of “Strong Buy” and an average price target of $19.50.

Serve Robotics Stock Performance

The firm has a 50 day moving average of $13.50 and a 200 day moving average of $10.70.

Serve Robotics (NASDAQ:SERV) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.20) EPS for the quarter, hitting analysts’ consensus estimates of ($0.20). The business had revenue of $0.22 million during the quarter, compared to analysts’ expectations of $0.36 million. Serve Robotics had a negative net margin of 1,972.12% and a negative return on equity of 184.60%. Analysts forecast that Serve Robotics Inc. will post -0.98 EPS for the current fiscal year.

Insider Activity at Serve Robotics

In other Serve Robotics news, COO Touraj Parang sold 50,000 shares of the company’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $12.99, for a total value of $649,500.00. Following the completion of the transaction, the chief operating officer now owns 1,163,439 shares in the company, valued at $15,113,072.61. This represents a 4.12 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ali Kashani sold 37,500 shares of the 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 transaction, the chief executive officer now owns 3,230,990 shares of the company’s stock, valued at approximately $68,367,748.40. The trade was a 1.15 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 253,027 shares of company stock valued at $3,309,166. 21.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Serve Robotics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SERV. State Street Corp purchased a new stake in Serve Robotics during the 3rd quarter worth about $333,000. Geode Capital Management LLC raised its holdings in shares of Serve Robotics by 128.1% in the 3rd quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock valued at $1,041,000 after acquiring an additional 73,496 shares in the last quarter. Yong Rong HK Asset Management Ltd purchased a new position in shares of Serve Robotics during the third quarter worth about $9,636,000. Bfsg LLC bought a new position in Serve Robotics in the third quarter valued at $38,000. Finally, GSA Capital Partners LLP purchased a new stake in Serve Robotics during the third quarter valued at about $152,000.

About Serve Robotics

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.