Serve Robotics (NASDAQ:SERV) Stock Price Down 4.4% – Time to Sell?

Serve Robotics Inc. (NASDAQ:SERV)’s stock price was down 4.4% during mid-day trading on Tuesday . The company traded as low as $13.99 and last traded at $14.59. Approximately 2,888,425 shares changed hands during trading, a decline of 69% from the average daily volume of 9,435,514 shares. The stock had previously closed at $15.26.

Analyst Ratings Changes

Several research analysts have recently commented on the stock. LADENBURG THALM/SH SH initiated coverage on shares of Serve Robotics in a research note on Monday, October 28th. They issued a “buy” rating and a $16.00 price objective for the company. Northland Securities initiated coverage on Serve Robotics in a research report on Friday, October 18th. They set an “outperform” rating and a $16.00 price objective on the stock. Northland Capmk raised Serve Robotics to a “strong-buy” rating in a research note on Friday, October 18th. Finally, Seaport Res Ptn upgraded Serve Robotics to a “strong-buy” rating in a report on Monday, October 7th. Two research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Strong Buy” and a consensus price target of $16.00.

Serve Robotics Stock Performance

The firm has a 50 day moving average of $11.01 and a two-hundred day moving average of $8.99.

Insider Transactions at Serve Robotics

In related news, COO Touraj Parang sold 50,000 shares of Serve Robotics stock in a transaction on 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 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Ali Kashani sold 2,500 shares of the firm’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $13.52, for a total transaction of $33,800.00. Following the completion of the sale, the chief executive officer now owns 3,344,498 shares of the company’s stock, valued at $45,217,612.96. This trade represents a 0.07 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 207,422 shares of company stock worth $2,374,854. 21.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Larson Financial Group LLC acquired a new stake in shares of Serve Robotics during the third quarter worth $26,000. Bfsg LLC acquired a new stake in Serve Robotics in the 3rd quarter worth about $38,000. Gordian Capital Singapore Pte Ltd purchased a new stake in Serve Robotics in the 3rd quarter valued at about $68,000. Quantum Private Wealth LLC purchased a new stake in Serve Robotics in the 3rd quarter valued at about $80,000. Finally, Quadrature Capital Ltd acquired a new position in shares of Serve Robotics during the 3rd quarter valued at about $148,000.

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.