Serve Robotics (NASDAQ:SERV) Stock Price Down 4.2% - Time to Sell?

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s stock price dropped 4.2% on Tuesday . The company traded as low as $19.85 and last traded at $20.22. Approximately 3,097,651 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 11,532,460 shares. The stock had previously closed at $21.10.

Analyst Upgrades and Downgrades

SERV has been the subject of a number of research analyst reports. Northland Securities raised their price objective on shares of 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 initiated coverage on shares of Serve Robotics in a research note on Monday, October 28th. They set a "buy" rating and a $16.00 price target for the company. Two equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Strong Buy" and an average price target of $19.50.

Serve Robotics Price Performance

The firm's 50-day moving average price is $16.52 and its 200-day moving average price is $12.00.

Insider Buying and Selling at Serve Robotics

In related news, CEO Ali Kashani sold 9,719 shares of the business's stock in a transaction on Monday, November 25th. The stock was sold at an average price of $8.77, for a total transaction of $85,235.63. Following the sale, the chief executive officer now directly owns 3,355,238 shares in the company, valued at approximately $29,425,437.26. The trade was a 0.29 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Touraj Parang sold 50,000 shares of the 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 directly owns 1,163,439 shares in the company, valued at $15,113,072.61. This trade represents a 4.12 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 253,027 shares of company stock valued at $3,309,166 in the last 90 days. 21.40% of the stock is currently owned by company insiders.

Institutional Trading of Serve Robotics

Several institutional investors and hedge funds have recently bought and sold shares of the company. Blue Trust Inc. bought a new position in shares of Serve Robotics in the fourth quarter worth $27,000. CIBC Private Wealth Group LLC purchased a new position in Serve Robotics during the fourth quarter worth about $34,000. Bogart Wealth LLC bought a new position in Serve Robotics in the 4th quarter worth about $37,000. Larson Financial Group LLC purchased a new stake in shares of Serve Robotics in the 3rd quarter valued at about $26,000. Finally, Bfsg LLC bought a new stake in shares of Serve Robotics during the 3rd quarter valued at about $38,000.

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.