Serve Robotics (NASDAQ:SERV) Shares Down 5.5% – Time to Sell?

Shares of Serve Robotics Inc. (NASDAQ:SERV) traded down 5.5% on Thursday . The stock traded as low as $17.24 and last traded at $17.48. 6,923,468 shares traded hands during trading, a decline of 55% from the average session volume of 15,412,984 shares. The stock had previously closed at $18.49.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Northland Capmk raised shares of Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. Seaport Res Ptn raised shares of Serve Robotics to a “strong-buy” rating in a research report on Monday, October 7th. Northland Securities increased their target price on shares of Serve Robotics from $16.00 to $23.00 and gave the stock an “outperform” rating in a research report on Wednesday. Finally, LADENBURG THALM/SH SH assumed coverage on shares of Serve Robotics in a research report on Monday, October 28th. They set a “buy” rating and a $16.00 target price for the company. Two research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Strong Buy” and a consensus target price of $19.50.

Serve Robotics Price Performance

The company’s 50-day simple moving average is $12.91 and its 200-day simple moving average is $10.30.

Insider Buying and Selling at Serve Robotics

In other news, CEO Ali Kashani sold 2,500 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 3,344,498 shares of the company’s stock, valued at approximately $45,217,612.96. This trade represents a 0.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director James Buckly Jordan sold 64,408 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at $3,848,375.64. The trade was a 12.54 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 253,027 shares of company stock valued at $3,309,166 over the last 90 days. 21.40% of the stock is owned by corporate insiders.

Institutional Trading of Serve Robotics

A number of hedge funds have recently made changes to their positions in SERV. SG Americas Securities LLC bought a new position in Serve Robotics during the fourth quarter worth $114,000. Atomi Financial Group Inc. bought a new position in Serve Robotics during the fourth quarter worth $209,000. Harbour Capital Advisors LLC lifted its stake in Serve Robotics by 102.4% during the fourth quarter. Harbour Capital Advisors LLC now owns 50,365 shares of the company’s stock worth $680,000 after purchasing an additional 25,475 shares during the last quarter. Tidal Investments LLC bought a new position in Serve Robotics during the third quarter worth $262,000. Finally, Geode Capital Management LLC lifted its stake 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 last quarter.

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.