Serve Robotics (NASDAQ:SERV) Stock Price Down 9.7% – Time to Sell?

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

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. LADENBURG THALM/SH SH assumed coverage on Serve Robotics in a report on Monday, October 28th. They issued a “buy” rating and a $16.00 price target for the company. Seaport Res Ptn upgraded Serve Robotics to a “strong-buy” rating in a report on Monday, October 7th. Northland Securities initiated coverage on Serve Robotics in a report on Friday, October 18th. They set an “outperform” rating and a $16.00 price objective for the company. Finally, Northland Capmk raised Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. Two investment 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, Serve Robotics presently has a consensus rating of “Strong Buy” and a consensus price target of $16.00.

Serve Robotics Price Performance

The stock has a 50-day moving average price of $11.86 and a 200-day moving average price of $9.60.

Insider Buying and Selling

In other Serve Robotics news, COO Touraj Parang sold 50,000 shares of the firm’s stock in a transaction on 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 owns 1,163,439 shares in the company, valued at $15,113,072.61. This trade represents a 4.12 % decrease in their position. 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 9,719 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $8.77, for a total value of $85,235.63. Following the transaction, the chief executive officer now owns 3,355,238 shares in the company, valued at approximately $29,425,437.26. This trade represents a 0.29 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 252,462 shares of company stock valued at $3,298,197. Insiders own 21.40% of the company’s stock.

Hedge Funds Weigh In On Serve Robotics

Several hedge funds and other institutional investors have recently modified their holdings of SERV. Larson Financial Group LLC bought a new stake in shares of Serve Robotics during the 3rd quarter worth $26,000. Bfsg LLC bought a new position in Serve Robotics in the third quarter valued at about $38,000. Gordian Capital Singapore Pte Ltd bought a new position in Serve Robotics in the third quarter valued at about $68,000. Quantum Private Wealth LLC bought a new position in Serve Robotics in the third quarter valued at about $80,000. Finally, PFG Investments LLC bought a new position in Serve Robotics in the second quarter valued at about $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.