Serve Robotics (NASDAQ:SERV) Shares Down 10% - Should You Sell?

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) shares traded down 10% on Monday . The stock traded as low as $6.58 and last traded at $6.69. 1,494,349 shares traded 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 objective on shares of 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 given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Strong Buy" and an average price target of $19.50.

Serve Robotics Trading Down 7.5 %

The stock has a market cap of $308.62 million and a PE ratio of -5.85. The business has a fifty day simple moving average of $14.87 and a two-hundred day simple moving average of $11.60.

Insider Activity at Serve Robotics

In related news, CEO Ali Kashani sold 22,500 shares of the business's stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $14.93, for a total transaction of $335,925.00. Following the sale, the chief executive officer now owns 3,306,998 shares of the company's stock, valued at $49,373,480.14. The trade was a 0.68 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders have sold 93,031 shares of company stock worth $1,613,030 over the last ninety days. 21.40% of the stock is owned by corporate insiders.

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Hedge Funds Weigh In On Serve Robotics

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Jefferies Financial Group Inc. grew its stake in shares of Serve Robotics by 30.3% in the 4th quarter. Jefferies Financial Group Inc. now owns 17,200 shares of the company's stock worth $232,000 after buying an additional 4,000 shares during the last quarter. Two Sigma Investments LP bought a new stake in Serve Robotics in the fourth quarter worth $815,000. Tidal Investments LLC grew its stake in shares of Serve Robotics by 57.6% in the fourth quarter. Tidal Investments LLC now owns 51,846 shares of the company's stock worth $700,000 after acquiring an additional 18,948 shares during the last quarter. Man Group plc bought a new position in shares of Serve Robotics during the fourth quarter valued at $467,000. Finally, OMERS ADMINISTRATION Corp purchased a new position in shares of Serve Robotics in the 4th quarter worth about $431,000.

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.