Serve Robotics (NASDAQ:SERV) Trading Down 0.9% - Time to Sell?

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) shares were down 0.9% during mid-day trading on Wednesday . The company traded as low as $8.23 and last traded at $8.33. Approximately 1,203,686 shares were traded during mid-day trading, a decline of 90% from the average daily volume of 11,882,264 shares. The stock had previously closed at $8.40.

Analysts Set New Price Targets

Separately, Northland Securities set a $23.00 price target on shares of Serve Robotics in a report on Tuesday, February 18th. Two analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Strong Buy" and a consensus price target of $19.50.

Serve Robotics Stock Performance

The company's fifty day simple moving average is $15.29 and its two-hundred day simple moving average is $11.67. The stock has a market capitalization of $329.13 million and a PE ratio of -6.19.

Insider Buying and Selling at Serve Robotics

In other Serve Robotics news, CEO Ali Kashani sold 37,500 shares of the firm's stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $21.16, for a total transaction of $793,500.00. Following the completion of the transaction, the chief executive officer now directly owns 3,230,990 shares in the company, valued at approximately $68,367,748.40. This trade represents a 1.15 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Touraj Parang sold 50,000 shares of the firm's stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $12.99, for a total transaction of $649,500.00. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 145,531 shares of company stock worth $2,296,330. 21.40% of the stock is owned by corporate insiders.

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Institutional Investors Weigh In On Serve Robotics

Hedge funds have recently modified their holdings of the company. Larson Financial Group LLC acquired a new stake in shares of Serve Robotics during the 3rd quarter worth about $26,000. Blue Trust Inc. acquired a new stake in shares of Serve Robotics during the 4th quarter worth about $27,000. CIBC Private Wealth Group LLC acquired a new stake in shares of Serve Robotics during the 4th quarter worth about $34,000. Bogart Wealth LLC acquired a new stake in shares of Serve Robotics during the 4th quarter worth about $37,000. Finally, Gordian Capital Singapore Pte Ltd acquired a new stake in shares of Serve Robotics during the 3rd quarter worth about $68,000.

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.