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

Serve Robotics Inc. (NASDAQ:SERV) shares fell 6.7% on Wednesday . The company traded as low as $18.28 and last traded at $18.12. 5,191,331 shares traded hands during trading, a decline of 63% from the average session volume of 14,093,235 shares. The stock had previously closed at $19.41.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SERV. Seaport Res Ptn raised shares of Serve Robotics to a “strong-buy” rating in a report on Monday, October 7th. LADENBURG THALM/SH SH began coverage on shares of Serve Robotics in a report on Monday, October 28th. They set a “buy” rating and a $16.00 target price on the stock. Northland Capmk raised shares of Serve Robotics to a “strong-buy” rating in a report on Friday, October 18th. Finally, Northland Securities boosted their target price on shares of Serve Robotics from $16.00 to $23.00 and gave the stock an “outperform” rating in a report on Wednesday, January 15th. 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 stock currently has a consensus rating of “Strong Buy” and a consensus price target of $19.50.

Serve Robotics Price Performance

The stock’s 50 day moving average price is $13.70 and its 200 day moving average price is $10.75.

Serve Robotics (NASDAQ:SERV) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.20) EPS for the quarter, meeting analysts’ consensus estimates of ($0.20). The company had revenue of $0.22 million for the quarter, compared to analyst estimates of $0.36 million. Serve Robotics had a negative net margin of 1,972.12% and a negative return on equity of 184.60%. On average, sell-side analysts anticipate that Serve Robotics Inc. will post -0.98 earnings per share for the current year.

Insider Buying and Selling

In other Serve Robotics news, CEO Ali Kashani sold 9,719 shares of the company’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 transaction, the chief executive officer now owns 3,355,238 shares in the company, valued at approximately $29,425,437.26. This represents a 0.29 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director James Buckly Jordan sold 64,408 shares of the company’s stock in a transaction 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 transaction, the director now owns 449,052 shares in the company, valued at approximately $3,848,375.64. The trade was a 12.54 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 253,027 shares of company stock valued at $3,309,166 over the last ninety days. 21.40% of the stock is owned by corporate insiders.

Institutional Trading of Serve Robotics

Several institutional investors and hedge funds have recently made changes to their positions in SERV. Yong Rong HK Asset Management Ltd purchased a new stake in Serve Robotics during the third quarter worth about $9,636,000. Exchange Traded Concepts LLC purchased a new stake in Serve Robotics during the fourth quarter worth about $9,066,000. Geode Capital Management LLC increased its holdings 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 buying an additional 73,496 shares during the last quarter. State Street Corp purchased a new stake in Serve Robotics during the third quarter worth about $333,000. Finally, Tidal Investments LLC purchased a new stake in Serve Robotics during the third quarter worth about $262,000.

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.