Serve Robotics (NASDAQ:SERV) Shares Down 5.5% - Should You Sell?

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s stock price was down 5.5% during trading on Thursday . The stock traded as low as $17.24 and last traded at $17.48. 6,923,468 shares traded hands during mid-day trading, a decline of 55% from the average session volume of 15,412,984 shares. The stock had previously closed at $18.49.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on SERV. Seaport Res Ptn upgraded shares of Serve Robotics to a "strong-buy" rating in a research report on Monday, October 7th. Northland Securities lifted their target price on shares of Serve Robotics from $16.00 to $23.00 and gave the company an "outperform" rating in a research note on Wednesday. Northland Capmk raised 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 report on Monday, October 28th. They set a "buy" rating and a $16.00 price target for the company. Two research analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Strong Buy" and an average target price of $19.50.

Serve Robotics Stock Performance

The stock's 50-day moving average price is $12.57 and its 200-day moving average price is $10.13.

Insiders Place Their Bets

In other news, Director James Buckly Jordan sold 64,408 shares of the firm's stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $8.57, for a total value of $551,976.56. Following the transaction, the director now owns 449,052 shares of the company's stock, valued at approximately $3,848,375.64. This trade represents a 12.54 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ali Kashani sold 9,719 shares of the business's stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $8.77, for a total transaction of $85,235.63. Following the sale, the chief executive officer now directly owns 3,355,238 shares of the company's stock, valued at approximately $29,425,437.26. This trade represents a 0.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 253,027 shares of company stock valued at $3,309,166. 21.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in SERV. Thomist Capital Management LP bought a new stake in Serve Robotics in the second quarter valued at about $407,000. Bfsg LLC bought a new stake in shares of Serve Robotics in the 3rd quarter valued at about $38,000. Harbour Capital Advisors LLC acquired a new stake in shares of Serve Robotics in the 3rd quarter valued at approximately $198,000. Yong Rong HK Asset Management Ltd bought a new position in Serve Robotics during the 3rd quarter worth approximately $9,636,000. Finally, Quantum Private Wealth LLC acquired a new position in Serve Robotics during the third quarter valued at approximately $80,000.

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.

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