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

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) shares traded down 10% during mid-day trading on Monday . The company 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.

Wall Street Analyst Weigh In

Separately, Northland Securities set a $23.00 price objective on Serve Robotics in a research report 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. According to MarketBeat.com, Serve Robotics currently has a consensus rating of "Strong Buy" and a consensus target price of $19.50.

Serve Robotics Trading Down 0.9 %

The company has a 50 day moving average of $15.12 and a 200 day moving average of $11.65. The firm has a market cap of $293.34 million and a price-to-earnings ratio of -5.57.

Insider Activity at Serve Robotics

In other news, CEO Ali Kashani sold 22,500 shares of the business's stock in a transaction on Monday, December 16th. The stock was sold at an average price of $14.93, for a total transaction of $335,925.00. Following the completion of the sale, the chief executive officer now owns 3,306,998 shares in the company, 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 through this link. Insiders have sold a total of 93,031 shares of company stock valued at $1,613,030 in the last 90 days. 21.40% of the stock is owned by corporate insiders.

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Institutional Investors Weigh In On Serve Robotics

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