Serve Robotics (NASDAQ:SERV) Shares Down 4.2% – Time to Sell?

Serve Robotics Inc. (NASDAQ:SERV) was down 4.2% during mid-day trading on Tuesday . The company traded as low as $19.85 and last traded at $20.22. Approximately 3,097,651 shares traded hands during mid-day trading, a decline of 73% from the average daily volume of 11,532,460 shares. The stock had previously closed at $21.10.

Analysts Set New Price Targets

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

Serve Robotics Stock Performance

The business has a 50 day moving average of $15.79 and a two-hundred day moving average of $11.89.

Insider Transactions at Serve Robotics

In related news, Director James Buckly Jordan sold 64,408 shares of the company’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 owns 449,052 shares in the company, valued at $3,848,375.64. This represents a 12.54 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Touraj Parang sold 50,000 shares of Serve Robotics stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $12.99, for a total value of $649,500.00. Following the transaction, the chief operating officer now owns 1,163,439 shares of the company’s stock, valued at $15,113,072.61. This trade represents a 4.12 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 253,027 shares of company stock valued at $3,309,166 over the last ninety days. 21.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Serve Robotics

Institutional investors have recently bought and sold shares of the stock. Larson Financial Group LLC purchased a new position in Serve Robotics during the 3rd quarter worth $26,000. Blue Trust Inc. purchased a new position in Serve Robotics during the fourth quarter worth about $27,000. Bogart Wealth LLC bought a new stake in Serve Robotics in the 4th quarter worth about $37,000. Bfsg LLC purchased a new stake in Serve Robotics in the 3rd quarter valued at about $38,000. Finally, Gordian Capital Singapore Pte Ltd bought a new position in shares of Serve Robotics during the 3rd quarter worth approximately $68,000.

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.