Serve Robotics (NASDAQ:SERV) Trading Down 6.7% – Should You Sell?

Serve Robotics Inc. (NASDAQ:SERV) shares dropped 6.7% during trading on Friday . The stock traded as low as $7.20 and last traded at $7.39. Approximately 2,375,161 shares were traded during trading, a decline of 80% from the average daily volume of 11,618,247 shares. The stock had previously closed at $7.92.

Analyst Ratings Changes

Separately, Northland Securities set a $23.00 target price on Serve Robotics in a report on Tuesday, February 18th. Two research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Strong Buy” and a consensus target price of $19.50.

Serve Robotics Stock Performance

The firm’s fifty day moving average price is $15.29 and its 200 day moving average price is $11.67. The firm has a market cap of $329.13 million and a P/E ratio of -6.19.

Insider Activity at Serve Robotics

In related 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 transaction of $649,500.00. Following the completion of the sale, the chief operating officer now directly 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 SEC, which is available through this link. Also, CEO Ali Kashani sold 2,500 shares of Serve Robotics stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $13.52, for a total value of $33,800.00. Following the completion of the transaction, the chief executive officer now owns 3,344,498 shares in the company, valued at $45,217,612.96. This trade represents a 0.07 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 145,531 shares of company stock valued at $2,296,330 over the last ninety days. 21.40% of the stock is owned by company insiders.

Institutional Trading of Serve Robotics

Hedge funds have recently modified their holdings of the company. State Street Corp bought a new position in shares of Serve Robotics during the 3rd quarter worth approximately $333,000. Exchange Traded Concepts LLC acquired a new position in shares of Serve Robotics during the fourth quarter worth $9,066,000. Atomi Financial Group Inc. purchased a new stake in shares of Serve Robotics during the 4th quarter valued at $209,000. Geode Capital Management LLC boosted its position 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 worth $1,041,000 after purchasing an additional 73,496 shares in the last quarter. Finally, Stephens Inc. AR purchased a new position in Serve Robotics during the 4th quarter worth $142,000.

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.