Serve Robotics (NASDAQ:SERV) Trading Down 16.9% – Time to Sell?

Shares of Serve Robotics Inc. (NASDAQ:SERV) fell 16.9% during trading on Tuesday . The company traded as low as $17.75 and last traded at $19.03. 13,598,317 shares traded hands during mid-day trading, a decline of 19% from the average session volume of 16,769,119 shares. The stock had previously closed at $22.89.

Wall Street Analysts Forecast Growth

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

Serve Robotics Trading Down 17.1 %

The company’s fifty day simple moving average is $11.61 and its 200 day simple moving average is $9.43.

Insider Buying and Selling

In related news, CEO Ali Kashani sold 9,719 shares of the firm’s 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 directly owns 3,355,238 shares of the company’s stock, 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 Securities & Exchange Commission, which can be accessed through this link. Also, Director James Buckly Jordan sold 64,408 shares of the business’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $8.57, for a total value 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. This represents a 12.54 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 207,462 shares of company stock valued at $2,375,472. Company insiders own 21.40% of the company’s stock.

Hedge Funds Weigh In On Serve Robotics

Several large investors have recently added to or reduced their stakes in SERV. Larson Financial Group LLC bought a new position in Serve Robotics in the 3rd quarter worth $26,000. Bfsg LLC bought a new position in Serve Robotics in the third quarter worth approximately $38,000. Gordian Capital Singapore Pte Ltd acquired a new position in shares of Serve Robotics in the 3rd quarter valued at $68,000. Quantum Private Wealth LLC purchased a new position in Serve Robotics in the 3rd quarter worth $80,000. Finally, Quadrature Capital Ltd acquired a new stake in Serve Robotics during the 3rd quarter worth about $148,000.

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.