Serve Robotics (NASDAQ:SERV) Trading Down 6.2% – Time to Sell?

Serve Robotics Inc. (NASDAQ:SERV) was down 6.2% during mid-day trading on Tuesday . The company traded as low as $9.54 and last traded at $9.73. Approximately 2,693,463 shares traded hands during mid-day trading, a decline of 79% from the average daily volume of 13,003,795 shares. The stock had previously closed at $10.37.

Analyst Ratings Changes

SERV has been the topic of a number of analyst reports. Northland Securities set a $23.00 target price on shares of Serve Robotics in a research report on Tuesday, February 18th. LADENBURG THALM/SH SH began coverage on Serve Robotics in a research report on Monday, October 28th. They set a “buy” rating and a $16.00 price target on the stock. 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 MarketBeat.com, the stock has an average rating of “Strong Buy” and an average price target of $19.50.

Serve Robotics Stock Performance

The business’s 50 day simple moving average is $16.46 and its 200-day simple moving average is $11.86.

Insider Buying and Selling

In other Serve Robotics news, COO Touraj Parang sold 50,000 shares of the company’s stock in a transaction 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 completion of the sale, the chief operating officer now directly owns 1,163,439 shares in the company, valued at $15,113,072.61. This represents a 4.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ali Kashani sold 2,500 shares of Serve Robotics stock in a transaction on Monday, December 9th. The shares were sold at an average price of $13.52, for a total value of $33,800.00. Following the completion of the transaction, the chief executive officer now owns 3,344,498 shares in the company, valued at approximately $45,217,612.96. The trade was a 0.07 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 173,978 shares of company stock worth $2,629,874. Corporate insiders own 21.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Two Sigma Investments LP acquired a new stake in Serve Robotics in the fourth quarter valued at approximately $815,000. Tidal Investments LLC boosted its holdings in shares of Serve Robotics by 57.6% during the 4th quarter. Tidal Investments LLC now owns 51,846 shares of the company’s stock valued at $700,000 after acquiring an additional 18,948 shares in the last quarter. Man Group plc bought a new stake in Serve Robotics during the 4th quarter worth $467,000. OMERS ADMINISTRATION Corp acquired a new position in Serve Robotics in the 4th quarter worth about $431,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Serve Robotics in the fourth quarter valued at about $1,279,000.

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.