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

Serve Robotics Inc. (NASDAQ:SERV)’s share 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 changed hands 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.

Analysts Set New Price Targets

SERV has been the topic of a number of research reports. Seaport Res Ptn raised shares of Serve Robotics to a “strong-buy” rating in a research report on Monday, October 7th. Northland Securities initiated coverage on Serve Robotics in a research note on Friday, October 18th. They issued an “outperform” rating and a $16.00 price objective 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 target price for the company. Finally, Northland Capmk raised Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. Two equities research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Strong Buy” and an average price target of $16.00.

Serve Robotics Stock Up 9.3 %

The business has a fifty day moving average price of $11.10 and a two-hundred day moving average price of $9.03.

Insiders Place Their Bets

In other news, COO Touraj Parang sold 50,000 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $12.99, for a total transaction of $649,500.00. Following the transaction, the chief operating officer now 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 sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Ali Kashani sold 9,719 shares of the business’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $8.77, for a total transaction of $85,235.63. Following the completion of the sale, the chief executive officer now directly owns 3,355,238 shares of the company’s stock, valued at approximately $29,425,437.26. The trade was a 0.29 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 207,462 shares of company stock valued at $2,375,472. Company insiders own 21.40% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Yong Rong HK Asset Management Ltd purchased a new stake in shares of Serve Robotics during the third quarter worth $9,636,000. Thomist Capital Management LP purchased a new stake in Serve Robotics during the 2nd quarter valued at about $407,000. Geode Capital Management LLC raised its holdings in 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 acquiring an additional 73,496 shares during the last quarter. PFG Investments LLC purchased a new position in Serve Robotics in the 2nd quarter worth approximately $110,000. Finally, State Street Corp purchased a new position in Serve Robotics in the 3rd quarter worth approximately $333,000.

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.