Serve Robotics (NASDAQ:SERV) Stock Price Down 6.2% – Time to Sell?

Shares of Serve Robotics Inc. (NASDAQ:SERV) were down 6.2% on Tuesday . The stock traded as low as $9.54 and last traded at $9.73. Approximately 2,693,463 shares were traded during trading, a decline of 79% from the average daily volume of 13,003,795 shares. The stock had previously closed at $10.37.

Analyst Ratings Changes

A number of brokerages recently issued reports on SERV. LADENBURG THALM/SH SH began 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 Securities set a $23.00 price objective on shares of Serve Robotics in a report on Tuesday, February 18th. Two equities research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, Serve Robotics has a consensus rating of “Strong Buy” and an average target price of $19.50.

Serve Robotics Trading Down 6.4 %

The firm has a 50-day moving average of $16.46 and a 200 day moving average of $11.86.

Insider Activity

In other news, 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 completion of 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 sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Ali Kashani sold 31,791 shares of the business’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $11.39, for a total transaction of $362,099.49. Following the transaction, the chief executive officer now owns 3,346,998 shares in the company, valued at $38,122,307.22. This represents a 0.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 173,978 shares of company stock valued at $2,629,874. 21.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in SERV. Uber Technologies Inc bought a new stake in Serve Robotics in the 4th quarter valued at $71,534,000. Vanguard Group Inc. grew its stake in Serve Robotics by 74.6% in the 4th quarter. Vanguard Group Inc. now owns 1,274,303 shares of the company’s stock valued at $17,203,000 after buying an additional 544,537 shares during the last quarter. Yong Rong HK Asset Management Ltd bought a new stake in shares of Serve Robotics during the third quarter worth approximately $9,636,000. Exchange Traded Concepts LLC acquired a new stake in Serve Robotics during the 4th quarter worth approximately $9,066,000. Finally, Legal & General Group Plc bought a new stake in Serve Robotics in the 4th quarter valued at $6,629,000.

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.