Serve Robotics (NASDAQ:SERV) Trading Down 6.3% – Time to Sell?

Shares of Serve Robotics Inc. (NASDAQ:SERV) dropped 6.3% during mid-day trading on Tuesday . The company traded as low as $7.79 and last traded at $7.84. Approximately 1,789,369 shares were traded during trading, a decline of 85% from the average daily volume of 12,060,510 shares. The stock had previously closed at $8.37.

Wall Street Analyst Weigh In

Separately, Northland Securities set a $23.00 price target on Serve Robotics in a report on Tuesday, February 18th. Two research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Serve Robotics presently has an average rating of “Strong Buy” and a consensus price target of $19.50.

Serve Robotics Trading Up 0.4 %

The business’s 50 day moving average is $15.90 and its 200 day moving average is $11.77.

Insider Transactions at Serve Robotics

In related news, COO Touraj Parang sold 50,000 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chief operating officer now owns 1,163,439 shares of the company’s stock, valued at $15,113,072.61. The trade was a 4.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Ali Kashani sold 3,713 shares of the stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $9.21, for a total value of $34,196.73. Following the sale, the chief executive officer now directly owns 3,225,852 shares in the company, valued at $29,710,096.92. This trade represents a 0.11 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 178,655 shares of company stock valued at $2,673,114. 21.40% of the stock is currently owned by company insiders.

Institutional Trading of Serve Robotics

A number of institutional investors have recently modified their holdings of SERV. Blue Trust Inc. purchased a new stake in Serve Robotics in the fourth quarter valued at about $27,000. CIBC Private Wealth Group LLC acquired a new position in shares of Serve Robotics during the fourth quarter valued at about $34,000. Bogart Wealth LLC purchased a new position in shares of Serve Robotics in the 4th quarter valued at approximately $37,000. Larson Financial Group LLC acquired a new stake in Serve Robotics in the 3rd quarter worth approximately $26,000. Finally, SG Americas Securities LLC purchased a new stake in Serve Robotics during the 4th quarter worth approximately $114,000.

About Serve Robotics

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.