Serve Robotics (NASDAQ:SERV) Stock Price Down 3.1% – Should You Sell?

Serve Robotics Inc. (NASDAQ:SERV) dropped 3.1% during trading on Thursday . The company traded as low as $6.99 and last traded at $7.17. Approximately 1,570,480 shares were traded during trading, a decline of 84% from the average daily volume of 9,649,899 shares. The stock had previously closed at $7.40.

Analyst Ratings Changes

Separately, Northland Securities set a $23.00 price objective on Serve Robotics in a research note on Tuesday, February 18th. Two analysts have rated the stock with a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Strong Buy” and a consensus target price of $19.50.

Serve Robotics Stock Performance

The stock has a 50 day moving average of $13.34 and a 200-day moving average of $11.50. The firm has a market capitalization of $399.00 million and a P/E ratio of -5.84.

Insider Activity at Serve Robotics

In other Serve Robotics news, CEO Ali Kashani sold 3,713 shares of Serve Robotics stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $9.21, for a total transaction of $34,196.73. Following the completion of the transaction, the chief executive officer now owns 3,225,852 shares of the company’s stock, valued at $29,710,096.92. The trade was a 0.11 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In the last three months, insiders have sold 67,051 shares of company stock worth $1,207,671. Company insiders own 21.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Jefferies Financial Group Inc. grew its holdings in Serve Robotics by 30.3% during the 4th quarter. Jefferies Financial Group Inc. now owns 17,200 shares of the company’s stock valued at $232,000 after buying an additional 4,000 shares in the last quarter. Two Sigma Investments LP purchased a new position in Serve Robotics during the 4th quarter valued at about $815,000. Tidal Investments LLC grew its holdings in 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 buying an additional 18,948 shares in the last quarter. Man Group plc purchased a new position in Serve Robotics during the 4th quarter valued at about $467,000. Finally, OMERS ADMINISTRATION Corp purchased a new position in Serve Robotics during the 4th quarter valued at about $431,000.

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.