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

Shares of Serve Robotics Inc. (NASDAQ:SERV) fell 4% during trading on Wednesday . The company traded as low as $13.63 and last traded at $14.14. 6,940,641 shares were traded during mid-day trading, a decline of 27% from the average session volume of 9,455,250 shares. The stock had previously closed at $14.73.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on SERV shares. Northland Securities began coverage on shares of Serve Robotics in a research note on Friday, October 18th. They issued an “outperform” rating and a $16.00 target price on the stock. LADENBURG THALM/SH SH assumed coverage on Serve Robotics in a research report on Monday, October 28th. They set a “buy” rating and a $16.00 price objective on the stock. Seaport Res Ptn raised Serve Robotics to a “strong-buy” rating in a research note on Monday, October 7th. Finally, Northland Capmk raised Serve Robotics to a “strong-buy” rating in a research note on Friday, October 18th. Two investment 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, Serve Robotics has an average rating of “Strong Buy” and a consensus price target of $16.00.

Serve Robotics Stock Up 24.8 %

The firm’s 50 day moving average price is $10.69 and its two-hundred day moving average price is $8.64.

Insider Buying and Selling

In other Serve Robotics news, COO Touraj Parang sold 50,000 shares of the company’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $12.99, for a total value of $649,500.00. Following the transaction, the chief operating officer now owns 1,163,439 shares of the company’s stock, valued at $15,113,072.61. This represents a 4.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Ali Kashani sold 9,719 shares of Serve Robotics stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $8.77, for a total transaction of $85,235.63. Following the sale, the chief executive officer now owns 3,355,238 shares of the company’s stock, 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 three months, insiders sold 194,922 shares of company stock worth $2,178,354. Company insiders own 21.40% of the company’s stock.

Hedge Funds Weigh In On Serve Robotics

Hedge funds have recently made changes to their positions in the stock. Yong Rong HK Asset Management Ltd acquired a new position in Serve Robotics during the third quarter worth $9,636,000. Thomist Capital Management LP purchased a new stake in shares of Serve Robotics in the 2nd quarter valued at $407,000. PFG Investments LLC acquired a new position in Serve Robotics during the 2nd quarter worth about $110,000. Bfsg LLC purchased a new position in Serve Robotics during the 3rd quarter valued at about $38,000. Finally, GSA Capital Partners LLP purchased a new position in Serve Robotics during the 3rd quarter valued at about $152,000.

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.