Serve Robotics (NASDAQ:SERV) Shares Down 6.3% – Time to Sell?

Shares of Serve Robotics Inc. (NASDAQ:SERV) traded down 6.3% on Tuesday . The stock traded as low as $7.33 and last traded at $7.34. Approximately 1,615,726 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 9,695,661 shares. The stock had previously closed at $7.83.

Analyst Ratings Changes

Separately, Northland Securities set a $23.00 target price on Serve Robotics in a research note 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 company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Strong Buy” and an average price target of $19.50.

Serve Robotics Stock Performance

The company has a market capitalization of $426.66 million and a price-to-earnings ratio of -6.25. The company has a 50 day moving average price of $14.19 and a 200 day moving average price of $11.58.

Insider Buying and Selling at Serve Robotics

In other Serve Robotics news, CEO Ali Kashani sold 3,713 shares of Serve Robotics stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $9.21, for a total transaction of $34,196.73. Following the completion of the transaction, the chief executive officer now owns 3,225,852 shares in the company, valued at approximately $29,710,096.92. The trade was a 0.11 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In the last quarter, insiders sold 68,031 shares of company stock worth $1,245,905. Insiders own 21.40% of the company’s stock.

Hedge Funds Weigh In On Serve Robotics

A number of hedge funds have recently added to or reduced their stakes in SERV. State Street Corp purchased a new position in shares of Serve Robotics in the 3rd quarter worth approximately $333,000. Exchange Traded Concepts LLC purchased a new position in shares of Serve Robotics in the 4th quarter worth approximately $9,066,000. Atomi Financial Group Inc. purchased a new position in shares of Serve Robotics in the 4th quarter worth approximately $209,000. Geode Capital Management LLC boosted its stake in shares of Serve Robotics by 128.1% in the 3rd quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock worth $1,041,000 after buying an additional 73,496 shares during the last quarter. Finally, Stephens Inc. AR purchased a new position in shares of Serve Robotics in the 4th quarter worth approximately $142,000.

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.