Serve Robotics (NASDAQ:SERV) Stock Price Down 9.7% – Time to Sell?

Serve Robotics Inc. (NASDAQ:SERV)’s share price dropped 9.7% during mid-day trading on Thursday . The stock traded as low as $15.90 and last traded at $16.80. Approximately 12,347,663 shares changed hands during trading, a decline of 31% from the average daily volume of 17,956,303 shares. The stock had previously closed at $18.61.

Wall Street Analyst Weigh In

SERV has been the subject of several research reports. Northland Capmk upgraded Serve Robotics to a “strong-buy” rating in a report on Friday, October 18th. LADENBURG THALM/SH SH began coverage on Serve Robotics in a report on Monday, October 28th. They issued a “buy” rating and a $16.00 target price for the company. Northland Securities initiated coverage on Serve Robotics in a research report on Friday, October 18th. They issued an “outperform” rating and a $16.00 price target on the stock. Finally, Seaport Res Ptn upgraded Serve Robotics to a “strong-buy” rating in a research report on Monday, October 7th. Two 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, the stock has an average rating of “Strong Buy” and an average target price of $16.00.

Serve Robotics Trading Down 9.7 %

The business has a 50-day moving average price of $11.86 and a 200-day moving average price of $9.60.

Insider Buying and Selling at Serve Robotics

In other Serve Robotics news, CEO Ali Kashani sold 9,719 shares of the company’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $8.77, for a total value of $85,235.63. Following the sale, the chief executive officer now directly owns 3,355,238 shares in the company, valued at $29,425,437.26. This represents a 0.29 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director James Buckly Jordan sold 64,408 shares of the business’s stock in a transaction on Thursday, November 21st. The stock was 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 in the company, valued at approximately $3,848,375.64. This represents a 12.54 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 252,462 shares of company stock worth $3,298,197 over the last three months. Company insiders own 21.40% of the company’s stock.

Hedge Funds Weigh In On Serve Robotics

Institutional investors and hedge funds have recently bought and sold shares of the business. Larson Financial Group LLC acquired a new position in Serve Robotics in the third quarter worth $26,000. Bfsg LLC acquired a new position in shares of Serve Robotics during the third quarter valued at $38,000. Gordian Capital Singapore Pte Ltd acquired a new position in shares of Serve Robotics during the third quarter valued at $68,000. Quantum Private Wealth LLC acquired a new position in shares of Serve Robotics during the third quarter valued at $80,000. Finally, Quadrature Capital Ltd acquired a new position in shares of Serve Robotics during the third quarter valued at $148,000.

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.