Serve Robotics (NASDAQ:SERV) Stock Price Down 39.7% - Time to Sell?

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) shares were down 39.7% during trading on Friday . The company traded as low as $12.67 and last traded at $13.82. Approximately 35,654,497 shares were traded during mid-day trading, an increase of 189% from the average daily volume of 12,334,668 shares. The stock had previously closed at $22.92.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on SERV. LADENBURG THALM/SH SH initiated coverage on Serve Robotics in a research report on Monday, October 28th. They set a "buy" rating and a $16.00 target price on the stock. Northland Securities boosted their price objective on Serve Robotics from $16.00 to $23.00 and gave the stock an "outperform" rating in a research report on Wednesday, January 15th. Two equities research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Strong Buy" and a consensus target price of $19.50.

Serve Robotics Trading Up 13.0 %

The stock has a 50-day moving average of $16.54 and a 200 day moving average of $11.93.

Insider Buying and Selling at Serve Robotics

In other Serve Robotics news, COO Touraj Parang sold 50,000 shares of Serve Robotics stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $12.99, for a total value of $649,500.00. Following the sale, the chief operating officer now owns 1,163,439 shares of the company's stock, valued at $15,113,072.61. This trade represents a 4.12 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Ali Kashani sold 9,719 shares of Serve Robotics stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $8.77, for a total value of $85,235.63. Following the completion of 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 position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 251,555 shares of company stock worth $3,297,405. Insiders own 21.40% of the company's stock.

Institutional Trading of Serve Robotics

Hedge funds and other institutional investors have recently modified their holdings of the company. State Street Corp acquired a new stake in shares of Serve Robotics in the 3rd quarter valued at about $333,000. Exchange Traded Concepts LLC bought a new position in Serve Robotics during the fourth quarter worth about $9,066,000. Atomi Financial Group Inc. acquired a new stake in Serve Robotics during the fourth quarter worth approximately $209,000. Geode Capital Management LLC lifted its position in Serve Robotics by 128.1% during the third quarter. Geode Capital Management LLC now owns 130,853 shares of the company's stock worth $1,041,000 after acquiring an additional 73,496 shares during the last quarter. Finally, Yong Rong HK Asset Management Ltd acquired a new stake in Serve Robotics during the third quarter worth approximately $9,636,000.

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.