Serve Robotics (NASDAQ:SERV) Shares Down 4% - Time to Sell?

Shares of Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) were down 4% during trading on Monday . The company traded as low as $15.13 and last traded at $15.93. Approximately 3,354,147 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 12,108,047 shares. The stock had previously closed at $16.59.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on SERV shares. 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 target price on the stock. Northland Capmk raised Serve Robotics to a "strong-buy" rating in a report on Friday, October 18th. Finally, Northland Securities increased their price objective on shares of Serve Robotics from $16.00 to $23.00 and gave the stock an "outperform" rating in a research note on Wednesday, January 15th. Two analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company's stock. According to MarketBeat, Serve Robotics presently has an average rating of "Strong Buy" and an average target price of $19.50.

Serve Robotics Stock Up 4.0 %

The firm's fifty day simple moving average is $15.18 and its 200-day simple moving average is $11.68.

Serve Robotics (NASDAQ:SERV - Get Free Report) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.20) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.20). The business had revenue of $0.22 million during the quarter, compared to the consensus estimate of $0.36 million. Serve Robotics had a negative net margin of 1,972.12% and a negative return on equity of 184.60%. As a group, sell-side analysts predict that Serve Robotics Inc. will post -0.98 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Ali Kashani sold 37,500 shares of the 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 of the company's stock, valued at $68,367,748.40. This represents a 1.15 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at 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 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 position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 253,027 shares of company stock valued at $3,309,166. 21.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Raymond James Financial Inc. acquired a new stake in Serve Robotics during the fourth quarter valued at $1,978,000. Charles Schwab Investment Management Inc. acquired a new stake in Serve Robotics during the 4th quarter valued at $151,000. Oppenheimer & Co. Inc. bought a new position in shares of Serve Robotics in the fourth quarter worth about $280,000. Blue Trust Inc. bought a new stake in shares of Serve Robotics during the fourth quarter worth $27,000. Finally, Bogart Wealth LLC acquired a new position in Serve Robotics in the fourth quarter valued at approximately $37,000.

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.