Serve Robotics (NASDAQ:SERV) Trading Down 9.7% - Should You Sell?

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) dropped 9.7% during mid-day trading on Tuesday . The stock traded as low as $11.63 and last traded at $12.51. Approximately 15,345,986 shares changed hands during trading, an increase of 18% from the average daily volume of 13,038,644 shares. The stock had previously closed at $13.85.

Analyst Ratings Changes

SERV has been the subject of several recent research reports. Northland Securities boosted their price objective on Serve Robotics from $16.00 to $23.00 and gave the stock an "outperform" rating in a report on Wednesday, January 15th. LADENBURG THALM/SH SH started coverage on Serve Robotics in a research report on Monday, October 28th. They set a "buy" rating and a $16.00 price target for the company. Two investment analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Strong Buy" and a consensus target price of $19.50.

Serve Robotics Price Performance

The stock has a 50-day simple moving average of $16.57 and a 200-day simple moving average of $11.94.

Insider Buying and Selling at Serve Robotics

In other news, CEO Ali Kashani sold 37,500 shares of the business's stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $21.16, for a total transaction of $793,500.00. Following the sale, the chief executive officer now directly owns 3,230,990 shares in the company, valued at approximately $68,367,748.40. The trade was a 1.15 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Touraj Parang sold 50,000 shares of the business'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 sale, the chief operating officer now owns 1,163,439 shares in the company, valued at approximately $15,113,072.61. This trade represents a 4.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 185,793 shares of company stock worth $2,733,515 over the last 90 days. Insiders own 21.40% of the company's stock.

Institutional Investors Weigh In On Serve Robotics

Institutional investors have recently bought and sold shares of the stock. State Street Corp bought a new stake in Serve Robotics during the third quarter worth $333,000. Exchange Traded Concepts LLC bought a new stake in Serve Robotics during the fourth quarter worth $9,066,000. Atomi Financial Group Inc. bought a new stake in Serve Robotics during the fourth quarter worth $209,000. Geode Capital Management LLC grew its stake in Serve Robotics by 128.1% in the 3rd quarter. Geode Capital Management LLC now owns 130,853 shares of the company's stock valued at $1,041,000 after purchasing an additional 73,496 shares during the period. Finally, Yong Rong HK Asset Management Ltd bought a new position in Serve Robotics in the 3rd quarter valued at $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.