Serve Robotics (NASDAQ:SERV) Trading Down 5.2% - Should You Sell?

Shares of Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) dropped 5.2% during trading on Wednesday . The stock traded as low as $16.69 and last traded at $16.60. Approximately 2,013,233 shares changed hands during trading, a decline of 84% from the average daily volume of 12,778,343 shares. The stock had previously closed at $17.51.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. LADENBURG THALM/SH SH began coverage on shares of Serve Robotics in a research note on Monday, October 28th. They issued a "buy" rating and a $16.00 target price for the company. Northland Securities lifted their target price on Serve Robotics from $16.00 to $23.00 and gave the stock an "outperform" rating in a report on Wednesday, January 15th. Seaport Res Ptn raised Serve Robotics to a "strong-buy" rating in a research note on Monday, October 7th. Finally, Northland Capmk upgraded Serve Robotics to a "strong-buy" rating in a report on Friday, October 18th. Two equities research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Strong Buy" and a consensus target price of $19.50.

Serve Robotics Trading Down 4.9 %

The company has a 50-day moving average price of $14.74 and a 200-day moving average price of $11.50.

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

Insider Activity at Serve Robotics

In related news, Director James Buckly Jordan sold 64,408 shares of the stock in a transaction dated Thursday, November 21st. The stock was 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 directly owns 449,052 shares in the company, valued at $3,848,375.64. This represents a 12.54 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Ali Kashani sold 9,719 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $8.77, for a total value of $85,235.63. Following the completion of the sale, the chief executive officer now directly owns 3,355,238 shares in the company, valued at approximately $29,425,437.26. This represents a 0.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 253,027 shares of company stock valued at $3,309,166. Insiders own 21.40% of the company's stock.

Hedge Funds Weigh In On Serve Robotics

Several institutional investors and hedge funds have recently modified their holdings of SERV. Blue Trust Inc. acquired a new position in Serve Robotics in the fourth quarter valued at about $27,000. Bogart Wealth LLC purchased a new stake in shares of Serve Robotics during the fourth quarter worth approximately $37,000. Larson Financial Group LLC acquired a new position in Serve Robotics during the 3rd quarter worth approximately $26,000. Bfsg LLC purchased a new stake in Serve Robotics during the third quarter worth about $38,000. Finally, SG Americas Securities LLC purchased a new position in Serve Robotics during the 4th quarter valued at about $114,000.

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.