Serve Robotics (NASDAQ:SERV) Shares Down 3.8% – Should You Sell?

Serve Robotics Inc. (NASDAQ:SERV)’s share price traded down 3.8% on Thursday . The company traded as low as $12.68 and last traded at $12.86. 4,210,078 shares were traded during trading, a decline of 69% from the average session volume of 13,490,020 shares. The stock had previously closed at $13.37.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Northland Securities increased their price objective on Serve Robotics from $16.00 to $23.00 and gave the company an “outperform” rating in a research note on Wednesday, January 15th. LADENBURG THALM/SH SH initiated coverage on Serve Robotics in a research note on Monday, October 28th. They issued a “buy” rating and a $16.00 price objective for the company. Two investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Strong Buy” and a consensus target price of $19.50.

Serve Robotics Stock Down 8.3 %

The firm’s 50 day simple moving average is $16.55 and its 200-day simple moving average is $11.93.

Insider Activity

In other Serve Robotics news, COO Touraj Parang sold 50,000 shares of the business’s stock in a transaction 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 sale, the chief operating officer now directly owns 1,163,439 shares in the company, valued at approximately $15,113,072.61. The trade was a 4.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ali Kashani sold 9,719 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $8.77, for a total value of $85,235.63. Following the completion of the sale, the chief executive officer now directly owns 3,355,238 shares in the company, valued at $29,425,437.26. This trade represents a 0.29 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 185,793 shares of company stock worth $2,733,515 in the last 90 days. 21.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Two Sigma Investments LP purchased a new position in Serve Robotics during the 4th quarter valued at about $815,000. Tidal Investments LLC increased its stake in shares of Serve Robotics by 57.6% during the 4th quarter. Tidal Investments LLC now owns 51,846 shares of the company’s stock worth $700,000 after purchasing an additional 18,948 shares in the last quarter. Man Group plc acquired a new position in shares of Serve Robotics during the 4th quarter worth approximately $467,000. OMERS ADMINISTRATION Corp purchased a new stake in Serve Robotics in the 4th quarter valued at approximately $431,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Serve Robotics during the 4th quarter valued at $1,279,000.

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.