Serve Robotics (NASDAQ:SERV) Trading Down 16.9% - Should You Sell?

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s stock price dropped 16.9% on Tuesday . The company traded as low as $17.75 and last traded at $19.03. Approximately 13,598,317 shares changed hands during mid-day trading, a decline of 19% from the average daily volume of 16,769,119 shares. The stock had previously closed at $22.89.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on SERV. LADENBURG THALM/SH SH started coverage on shares of Serve Robotics in a research report on Monday, October 28th. They issued a "buy" rating and a $16.00 price target on the stock. Northland Securities assumed coverage on Serve Robotics in a research note on Friday, October 18th. They issued an "outperform" rating and a $16.00 target price for the company. Northland Capmk upgraded Serve Robotics to a "strong-buy" rating in a research report on Friday, October 18th. Finally, Seaport Res Ptn upgraded Serve Robotics to a "strong-buy" rating in a research report on Monday, October 7th. Two analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Strong Buy" and a consensus price target of $16.00.

Serve Robotics Stock Down 18.7 %

The company has a 50 day simple moving average of $11.61 and a 200-day simple moving average of $9.43.

Insider Activity

In other Serve Robotics news, Director James Buckly Jordan sold 64,408 shares of the firm's stock in a transaction on 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 owns 449,052 shares of the company's stock, valued at $3,848,375.64. This trade represents a 12.54 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Ali Kashani sold 9,719 shares of the business's stock in a transaction on Monday, November 25th. The shares were 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 owns 3,355,238 shares of the company's stock, valued at $29,425,437.26. This trade represents a 0.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 252,462 shares of company stock valued at $3,298,197. 21.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Serve Robotics

Hedge funds and other institutional investors have recently made changes to their positions in the company. Larson Financial Group LLC acquired a new stake in shares of Serve Robotics during the 3rd quarter valued at $26,000. Bfsg LLC bought a new stake in shares of Serve Robotics in the third quarter worth $38,000. Gordian Capital Singapore Pte Ltd acquired a new stake in Serve Robotics in the third quarter valued at $68,000. Quantum Private Wealth LLC bought a new position in shares of Serve Robotics during the third quarter worth about $80,000. Finally, PFG Investments LLC acquired a new position in shares of Serve Robotics in the second quarter worth approximately $110,000.

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.