Serve Robotics (NASDAQ:SERV) Shares Gap Down - Time to Sell?

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) gapped down before the market opened on Monday . The stock had previously closed at $18.74, but opened at $17.53. Serve Robotics shares last traded at $15.84, with a volume of 4,159,806 shares trading hands.

Analyst Upgrades and Downgrades

SERV has been the topic of a number of recent research reports. Northland Capmk upgraded shares of Serve Robotics to a "strong-buy" rating in a report on Friday, October 18th. Seaport Res Ptn raised Serve Robotics to a "strong-buy" rating in a research report on Monday, October 7th. 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 objective for the company. Finally, Northland Securities initiated coverage on Serve Robotics in a research note on Friday, October 18th. They issued an "outperform" rating and a $16.00 target price on the stock. Two equities research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Strong Buy" and a consensus target price of $16.00.

Serve Robotics Price Performance

The business's fifty day moving average is $12.16 and its two-hundred day moving average is $9.88.

Insiders Place Their Bets

In other news, Director James Buckly Jordan sold 64,408 shares of the company's stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $8.57, for a total transaction of $551,976.56. Following the completion of the sale, the director now owns 449,052 shares of the company's stock, valued at $3,848,375.64. This represents a 12.54 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Touraj Parang sold 50,000 shares of the firm's stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $12.99, for a total transaction of $649,500.00. Following the completion of the transaction, the chief operating officer now directly owns 1,163,439 shares in the company, valued at approximately $15,113,072.61. The trade was a 4.12 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 253,027 shares of company stock valued at $3,309,166. 21.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Serve Robotics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Larson Financial Group LLC bought a new stake in Serve Robotics during the third quarter valued at about $26,000. Bfsg LLC bought a new position in shares of Serve Robotics during the 3rd quarter valued at approximately $38,000. Gordian Capital Singapore Pte Ltd purchased a new stake in Serve Robotics in the 3rd quarter worth approximately $68,000. Quantum Private Wealth LLC bought a new stake in Serve Robotics during the 3rd quarter worth approximately $80,000. Finally, PFG Investments LLC purchased a new position in Serve Robotics during the second quarter valued at approximately $110,000.

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.