Serve Robotics (NASDAQ:SERV) Shares Down 10% - Time to Sell?

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s share price traded down 10% during trading on Monday . The company traded as low as $6.58 and last traded at $6.69. 1,494,349 shares changed hands during trading, a decline of 87% from the average session volume of 11,481,872 shares. The stock had previously closed at $7.43.

Analysts Set New Price Targets

Separately, Northland Securities set a $23.00 price target on Serve Robotics in a research note on Tuesday, February 18th. Two investment analysts have rated the stock with a buy rating and three have given a strong buy rating to the company's stock. According to MarketBeat.com, Serve Robotics presently has an average rating of "Strong Buy" and an average target price of $19.50.

Serve Robotics Stock Up 9.1 %

The business has a 50 day moving average of $14.49 and a 200 day moving average of $11.57. The company has a market capitalization of $339.32 million and a P/E ratio of -6.38.

Insider Buying and Selling at Serve Robotics

In other Serve Robotics news, CEO Ali Kashani sold 2,500 shares of the company's stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $14.70, for a total transaction of $36,750.00. Following the sale, the chief executive officer now directly owns 3,295,990 shares in the company, valued at $48,451,053. This represents a 0.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Insiders have sold a total of 90,531 shares of company stock worth $1,581,830 over the last ninety days. Company insiders own 21.40% of the company's stock.

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Institutional Investors Weigh In On Serve Robotics

Hedge funds and other institutional investors have recently modified their holdings of the business. Larson Financial Group LLC purchased a new stake in shares of Serve Robotics in the third quarter worth approximately $26,000. Blue Trust Inc. purchased a new stake in shares of Serve Robotics in the fourth quarter worth approximately $27,000. CIBC Private Wealth Group LLC purchased a new stake in shares of Serve Robotics in the fourth quarter worth approximately $34,000. Bogart Wealth LLC purchased a new stake in shares of Serve Robotics in the fourth quarter worth approximately $37,000. Finally, Gordian Capital Singapore Pte Ltd purchased a new stake in shares of Serve Robotics in the third quarter worth approximately $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.