Serve Robotics (NASDAQ:SERV) Stock Price Down 6.3% – Should You Sell?

Serve Robotics Inc. (NASDAQ:SERV) shares traded down 6.3% on Tuesday . The stock traded as low as $7.33 and last traded at $7.34. 1,615,726 shares changed hands during trading, a decline of 83% from the average session volume of 9,695,661 shares. The stock had previously closed at $7.83.

Analyst Upgrades and Downgrades

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. According to MarketBeat.com, the company currently has an average rating of “Strong Buy” and a consensus target price of $19.50.

Serve Robotics Stock Up 2.9 %

The stock has a market capitalization of $421.19 million and a price-to-earnings ratio of -6.17. The company has a fifty day moving average of $13.77 and a two-hundred day moving average of $11.54.

Insider Transactions at Serve Robotics

In related news, CEO Ali Kashani sold 3,713 shares of Serve Robotics stock in a transaction that occurred on Thursday, February 27th. The stock was 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. The trade was a 0.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In the last quarter, insiders sold 66,570 shares of company stock worth $1,222,484. Company insiders own 21.40% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Uber Technologies Inc acquired a new position in shares of Serve Robotics during the 4th quarter worth $71,534,000. Vanguard Group Inc. increased its holdings in Serve Robotics by 74.6% in the fourth quarter. Vanguard Group Inc. now owns 1,274,303 shares of the company’s stock valued at $17,203,000 after buying an additional 544,537 shares in the last quarter. Exchange Traded Concepts LLC acquired a new stake in shares of Serve Robotics during the 4th quarter valued at approximately $9,066,000. Legal & General Group Plc purchased a new stake in shares of Serve Robotics during the 4th quarter worth approximately $6,629,000. Finally, Captrust Financial Advisors purchased a new stake in shares of Serve Robotics during the 4th quarter worth approximately $3,672,000.

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.