Serve Robotics (NASDAQ:SERV) Shares Down 11.5% – Should You Sell?

Serve Robotics Inc. (NASDAQ:SERV)’s stock price dropped 11.5% during mid-day trading on Wednesday . The stock traded as low as $13.35 and last traded at $13.50. Approximately 7,111,775 shares were traded during mid-day trading, a decline of 25% from the average daily volume of 9,460,457 shares. The stock had previously closed at $15.26.

Wall Street Analysts Forecast Growth

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

Serve Robotics Trading Up 9.3 %

The business has a 50-day moving average of $11.10 and a 200-day moving average of $9.03.

Insiders Place Their Bets

In other news, Director James Buckly Jordan sold 64,408 shares of Serve Robotics stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $8.57, for a total value of $551,976.56. Following the completion of the sale, the director now directly owns 449,052 shares of the company’s stock, valued at approximately $3,848,375.64. The trade was a 12.54 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Ali Kashani sold 31,791 shares of the stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $11.39, for a total value of $362,099.49. Following the transaction, the chief executive officer now directly owns 3,346,998 shares in the company, valued at approximately $38,122,307.22. The trade was a 0.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 207,462 shares of company stock valued at $2,375,472 over the last 90 days. 21.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Tidal Investments LLC acquired a new position in Serve Robotics during the 3rd quarter worth $262,000. Geode Capital Management LLC boosted its stake in shares of Serve Robotics by 128.1% in the 3rd quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock valued at $1,041,000 after buying an additional 73,496 shares during the period. Gordian Capital Singapore Pte Ltd purchased a new position in shares of Serve Robotics in the 3rd quarter valued at about $68,000. State Street Corp acquired a new position in shares of Serve Robotics during the third quarter worth about $333,000. Finally, Quadrature Capital Ltd purchased a new stake in shares of Serve Robotics during the third quarter worth approximately $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.