Serve Robotics (NASDAQ:SERV) Stock Price Down 1% – Time to Sell?

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Seaport Res Ptn upgraded shares of Serve Robotics to a “strong-buy” rating in a report on Monday, October 7th. LADENBURG THALM/SH SH started coverage on Serve Robotics in a research note on Monday, October 28th. They set a “buy” rating and a $16.00 target price for the company. Northland Capmk raised Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. Finally, Northland Securities increased their price objective on Serve Robotics from $16.00 to $23.00 and gave the company an “outperform” rating in a research report on Wednesday, January 15th. 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, Serve Robotics presently has a consensus rating of “Strong Buy” and a consensus target price of $19.50.

Serve Robotics Stock Up 4.0 %

The firm has a fifty day simple moving average of $13.09 and a 200 day simple moving average of $10.53.

Insider Activity

In other Serve Robotics news, COO Touraj Parang sold 50,000 shares of the 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 transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Ali Kashani sold 9,719 shares of the business’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $8.77, for a total transaction of $85,235.63. Following the completion of the sale, the chief executive officer now owns 3,355,238 shares in the company, valued at $29,425,437.26. This represents a 0.29 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 253,027 shares of company stock worth $3,309,166. 21.40% of the stock is currently owned by corporate 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 the company. State Street Corp acquired a new stake in Serve Robotics during the 3rd quarter valued at $333,000. Geode Capital Management LLC grew its holdings in shares of 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. Yong Rong HK Asset Management Ltd acquired a new stake in shares of Serve Robotics in the third quarter valued at $9,636,000. Bfsg LLC bought a new position in shares of Serve Robotics in the third quarter valued at about $38,000. Finally, GSA Capital Partners LLP acquired a new position in Serve Robotics during the 3rd quarter worth about $152,000.

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.