Serve Robotics (NASDAQ:SERV) Trading Down 6.6% - Time to Sell?

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s stock price dropped 6.6% during trading on Thursday . The company traded as low as $7.08 and last traded at $7.04. Approximately 1,373,154 shares were traded during mid-day trading, a decline of 88% from the average daily volume of 11,073,373 shares. The stock had previously closed at $7.53.

Analyst Upgrades and Downgrades

Separately, Northland Securities set a $23.00 price objective on Serve Robotics in a research note on Tuesday, February 18th. Two analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, Serve Robotics currently has a consensus rating of "Strong Buy" and an average target price of $19.50.

Serve Robotics Stock Down 7.6 %

The business has a 50 day simple moving average of $14.87 and a 200-day simple moving average of $11.60. The company has a market capitalization of $308.09 million and a P/E ratio of -5.79.

Insider Transactions at Serve Robotics

In other Serve Robotics news, CEO Ali Kashani sold 22,500 shares of Serve Robotics stock in a transaction on Monday, December 16th. The stock was sold at an average price of $14.93, for a total transaction of $335,925.00. Following the sale, the chief executive officer now owns 3,306,998 shares of the company's stock, valued at $49,373,480.14. The trade was a 0.68 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last three months, insiders sold 93,031 shares of company stock worth $1,613,030. Company insiders own 21.40% of the company's stock.

Institutional Investors Weigh In On Serve Robotics

A number of hedge funds and other institutional investors have recently modified their holdings of SERV. GSA Capital Partners LLP bought a new stake in shares of Serve Robotics during the 3rd quarter worth about $152,000. Larson Financial Group LLC bought a new position in shares of Serve Robotics during the 3rd quarter valued at about $26,000. Quadrature Capital Ltd bought a new stake in shares of Serve Robotics in the 3rd quarter worth approximately $148,000. State Street Corp acquired a new stake in Serve Robotics during the third quarter valued at approximately $333,000. Finally, Gordian Capital Singapore Pte Ltd bought a new stake in Serve Robotics during the third quarter worth approximately $68,000.

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.

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