Serve Robotics (NASDAQ:SERV) Trading Down 39.6% – Time to Sell?

Serve Robotics Inc. (NASDAQ:SERV) traded down 39.6% on Monday . The stock traded as low as $12.67 and last traded at $13.85. 53,584,753 shares traded hands during mid-day trading, an increase of 460% from the average session volume of 9,570,236 shares. The stock had previously closed at $22.92.

Analysts Set New Price Targets

Several research firms recently issued reports on SERV. Northland Securities lifted their price target on shares of Serve Robotics from $16.00 to $23.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 15th. 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 target for the company. Two research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Strong Buy” and an average price target of $19.50.

Serve Robotics Stock Down 39.6 %

The company has a fifty day moving average of $16.52 and a two-hundred day moving average of $11.96.

Insider Activity

In other news, Director James Buckly Jordan sold 64,408 shares of Serve Robotics 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 completion of the transaction, the director now directly owns 449,052 shares of the company’s stock, valued at approximately $3,848,375.64. The trade was a 12.54 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Ali Kashani sold 9,719 shares of the stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $8.77, for a total transaction of $85,235.63. Following the sale, the chief executive officer now owns 3,355,238 shares in the company, valued at approximately $29,425,437.26. This trade represents a 0.29 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 251,555 shares of company stock worth $3,297,405. 21.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Serve Robotics

Institutional investors have recently made changes to their positions in the stock. Larson Financial Group LLC bought a new stake in shares of Serve Robotics in the 3rd quarter worth approximately $26,000. Blue Trust Inc. bought a new stake in Serve Robotics in the fourth quarter valued at $27,000. CIBC Private Wealth Group LLC acquired a new position in shares of Serve Robotics during the fourth quarter valued at $34,000. Bogart Wealth LLC bought a new position in shares of Serve Robotics during the fourth quarter worth about $37,000. Finally, Gordian Capital Singapore Pte Ltd acquired a new stake in shares of Serve Robotics in the 3rd quarter worth about $68,000.

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.