Serve Robotics (NASDAQ:SERV) Trading Down 9.7% – Should You Sell?

Serve Robotics Inc. (NASDAQ:SERV) shares fell 9.7% during mid-day trading on Thursday . The stock traded as low as $15.90 and last traded at $16.80. 12,347,663 shares traded hands during mid-day trading, a decline of 31% from the average session volume of 17,956,303 shares. The stock had previously closed at $18.61.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on SERV. Northland Securities began coverage on Serve Robotics in a research note on Friday, October 18th. They issued an “outperform” rating and a $16.00 price target for the company. LADENBURG THALM/SH SH began coverage on Serve Robotics in a research note on Monday, October 28th. They issued a “buy” rating and a $16.00 price target for the company. Seaport Res Ptn upgraded Serve Robotics to a “strong-buy” rating in a research note on Monday, October 7th. Finally, Northland Capmk upgraded Serve Robotics to a “strong-buy” rating in a research note on Friday, October 18th. Two equities research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Strong Buy” and an average target price of $16.00.

Serve Robotics Trading Up 11.5 %

The business has a 50-day moving average price of $12.16 and a two-hundred day moving average price of $9.77.

Insider Activity

In other Serve Robotics news, CEO Ali Kashani sold 37,500 shares of the stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $21.16, for a total value of $793,500.00. Following the completion of the transaction, the chief executive officer now directly owns 3,230,990 shares in the company, valued at approximately $68,367,748.40. This trade represents a 1.15 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director James Buckly Jordan sold 64,408 shares of the stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $8.57, for a total value of $551,976.56. Following the completion of the transaction, the director now owns 449,052 shares of the company’s stock, valued at $3,848,375.64. This represents a 12.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 253,027 shares of company stock worth $3,309,166. 21.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Serve Robotics

Several large investors have recently bought and sold shares of the company. Yong Rong HK Asset Management Ltd bought a new position in shares of Serve Robotics during the third quarter worth about $9,636,000. Thomist Capital Management LP acquired a new stake in Serve Robotics during the second quarter worth approximately $407,000. Geode Capital Management LLC grew its stake in Serve Robotics by 128.1% during the third quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock worth $1,041,000 after purchasing an additional 73,496 shares during the period. PFG Investments LLC acquired a new stake in Serve Robotics during the second quarter worth approximately $110,000. Finally, State Street Corp acquired a new stake in Serve Robotics during the third quarter worth approximately $333,000.

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.