Serve Robotics (NASDAQ:SERV) Shares Down 3.3% – Should You Sell?

Serve Robotics Inc. (NASDAQ:SERV)’s stock price fell 3.3% during trading on Monday . The stock traded as low as $18.08 and last traded at $18.26. 9,804,907 shares were traded during trading, a decline of 13% from the average session volume of 11,310,806 shares. The stock had previously closed at $18.88.

Analyst Upgrades and Downgrades

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

Serve Robotics Trading Down 3.3 %

The business has a fifty day moving average price of $12.91 and a 200-day moving average price of $10.42.

Insider Buying and Selling at Serve Robotics

In other news, CEO Ali Kashani sold 9,719 shares of Serve Robotics stock in a transaction on Monday, November 25th. The stock was sold at an average price of $8.77, for a total value 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 trade represents a 0.29 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, 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 value of $649,500.00. Following the sale, the chief operating officer now owns 1,163,439 shares of the company’s stock, valued at approximately $15,113,072.61. This represents a 4.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 253,027 shares of company stock valued at $3,309,166 in the last three months. Corporate insiders own 21.40% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SERV. Yong Rong HK Asset Management Ltd bought a new position in Serve Robotics during the 3rd quarter worth approximately $9,636,000. Geode Capital Management LLC boosted its position in Serve Robotics by 128.1% during the third quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock valued at $1,041,000 after acquiring an additional 73,496 shares during the last quarter. Harbour Capital Advisors LLC raised its position in shares of Serve Robotics by 102.4% in the 4th quarter. Harbour Capital Advisors LLC now owns 50,365 shares of the company’s stock worth $680,000 after acquiring an additional 25,475 shares in the last quarter. State Street Corp acquired a new position in shares of Serve Robotics in the 3rd quarter valued at about $333,000. Finally, Tidal Investments LLC bought a new stake in shares of Serve Robotics during the 3rd quarter valued at 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.