Serve Robotics (NASDAQ:SERV) Stock Price Down 4% – Should You Sell?

Serve Robotics Inc. (NASDAQ:SERV)’s stock price was down 4% during trading on Monday . The stock traded as low as $15.13 and last traded at $15.93. Approximately 3,354,147 shares changed hands during trading, a decline of 72% from the average daily volume of 12,108,047 shares. The stock had previously closed at $16.59.

Analysts Set New Price Targets

SERV has been the subject of a number of analyst reports. Northland Securities boosted their price objective on shares of Serve Robotics from $16.00 to $23.00 and gave the company an “outperform” rating in a report on Wednesday, January 15th. Seaport Res Ptn raised shares of Serve Robotics to a “strong-buy” rating in a research report on Monday, October 7th. LADENBURG THALM/SH SH began coverage on shares of Serve Robotics in a research report on Monday, October 28th. They issued a “buy” rating and a $16.00 price objective on the stock. Finally, Northland Capmk raised shares of Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. Two analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Strong Buy” and a consensus price target of $19.50.

Serve Robotics Price Performance

The company’s 50 day moving average is $14.74 and its 200 day moving average is $11.50.

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

Insider Transactions at Serve Robotics

In related news, CEO Ali Kashani sold 37,500 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $21.16, for a total value of $793,500.00. Following the completion of the transaction, the chief executive officer now owns 3,230,990 shares in the company, valued at $68,367,748.40. This trade represents a 1.15 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Touraj Parang sold 50,000 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $15,113,072.61. The trade was a 4.12 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 253,027 shares of company stock valued at $3,309,166. 21.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Blue Trust Inc. bought a new position in Serve Robotics during the 4th quarter worth approximately $27,000. Bogart Wealth LLC acquired a new stake in shares of Serve Robotics during the 4th quarter worth approximately $37,000. Stephens Inc. AR acquired a new stake in shares of Serve Robotics during the 4th quarter worth approximately $142,000. Choreo LLC acquired a new stake in shares of Serve Robotics during the 4th quarter worth approximately $202,000. Finally, Exchange Traded Concepts LLC acquired a new stake in shares of Serve Robotics during the 4th quarter worth approximately $9,066,000.

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.