Serve Robotics (NASDAQ:SERV) Trading Down 3.8% - Should You Sell?

Shares of Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) traded down 3.8% on Thursday . The company traded as low as $12.68 and last traded at $12.86. 4,210,078 shares were traded during trading, a decline of 69% from the average session volume of 13,490,020 shares. The stock had previously closed at $13.37.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Northland Securities upped their price target on Serve Robotics from $16.00 to $23.00 and gave the stock an "outperform" rating in a research note on Wednesday, January 15th. LADENBURG THALM/SH SH assumed 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 MarketBeat.com, the company has an average rating of "Strong Buy" and a consensus price target of $19.50.

Serve Robotics Stock Performance

The business has a 50 day moving average of $16.55 and a two-hundred day moving average of $11.93.

Insider Transactions at Serve Robotics

In other news, CEO Ali Kashani sold 2,500 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $13.52, for a total value of $33,800.00. Following the completion of the sale, the chief executive officer now directly owns 3,344,498 shares of the company's stock, valued at $45,217,612.96. This represents a 0.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Touraj Parang sold 50,000 shares of the stock in a transaction that occurred on 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 trade represents a 4.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 185,793 shares of company stock valued at $2,733,515 over the last ninety days. 21.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Serve Robotics

Several institutional investors have recently modified their holdings of the business. Blue Trust Inc. bought a new position in shares of Serve Robotics in the fourth quarter valued at approximately $27,000. CIBC Private Wealth Group LLC bought a new position in shares of Serve Robotics in the fourth quarter valued at approximately $34,000. Bogart Wealth LLC bought a new position in shares of Serve Robotics in the fourth quarter valued at approximately $37,000. Larson Financial Group LLC bought a new position in shares of Serve Robotics in the third quarter valued at approximately $26,000. Finally, Jefferies Financial Group Inc. grew its holdings in shares of Serve Robotics by 30.3% in the fourth quarter. Jefferies Financial Group Inc. now owns 17,200 shares of the company's stock valued at $232,000 after acquiring an additional 4,000 shares in the last quarter.

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.