Serve Robotics (NASDAQ:SERV) Stock Price Down 4% - Should You Sell?

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s share price traded down 4% on Monday . The stock traded as low as $15.13 and last traded at $15.93. 3,354,147 shares changed hands during trading, a decline of 72% from the average session volume of 12,108,047 shares. The stock had previously closed at $16.59.

Analysts Set New Price Targets

A number of analysts recently issued reports on SERV shares. Northland Securities boosted their price target on Serve Robotics from $16.00 to $23.00 and gave the company an "outperform" rating in a report on Wednesday, January 15th. Northland Capmk upgraded Serve Robotics to a "strong-buy" rating in a report on Friday, October 18th. Finally, LADENBURG THALM/SH SH started coverage on Serve Robotics in a research note on Monday, October 28th. They set a "buy" rating and a $16.00 price target on the stock. Two equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Strong Buy" and an average price target of $19.50.

Serve Robotics Stock Up 16.6 %

The business's 50 day moving average is $15.55 and its 200 day moving average is $11.79.

Serve Robotics (NASDAQ:SERV - Get Free Report) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.20) EPS for the quarter, hitting the consensus estimate of ($0.20). Serve Robotics had a negative return on equity of 184.60% and a negative net margin of 1,972.12%. The firm had revenue of $0.22 million during the quarter, compared to analyst estimates of $0.36 million. On average, analysts forecast that Serve Robotics Inc. will post -0.98 EPS for the current fiscal year.

Insider Buying and Selling at Serve Robotics

In related news, CEO Ali Kashani sold 9,719 shares of the company's stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $8.77, for a total transaction of $85,235.63. Following the transaction, the chief executive officer now directly owns 3,355,238 shares of the company's stock, valued at $29,425,437.26. This represents a 0.29 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, COO Touraj Parang sold 50,000 shares of the firm's 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 completion of the sale, the chief operating officer now directly owns 1,163,439 shares of the company's stock, valued at approximately $15,113,072.61. This represents a 4.12 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 253,027 shares of company stock valued at $3,309,166. 21.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Serve Robotics

Hedge funds have recently modified their holdings of the stock. Bfsg LLC purchased a new stake in Serve Robotics during the 3rd quarter worth approximately $38,000. Harbour Capital Advisors LLC purchased a new stake in shares of Serve Robotics during the third quarter valued at $198,000. Yong Rong HK Asset Management Ltd acquired a new position in shares of Serve Robotics in the 3rd quarter valued at $9,636,000. Quantum Private Wealth LLC acquired a new stake in Serve Robotics during the 3rd quarter worth about $80,000. Finally, GSA Capital Partners LLP purchased a new stake in Serve Robotics during the 3rd quarter valued at about $152,000.

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.