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

Serve Robotics Inc. (NASDAQ:SERV) fell 3.1% during mid-day trading on Thursday . The stock traded as low as $6.99 and last traded at $7.17. 1,570,480 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 9,649,899 shares. The stock had previously closed at $7.40.

Analysts Set New Price Targets

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

Serve Robotics Stock Performance

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

Insider Buying and Selling at Serve Robotics

In other Serve Robotics news, CEO Ali Kashani sold 7,500 shares of the firm’s stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $16.50, for a total transaction of $123,750.00. Following the transaction, the chief executive officer now directly owns 3,283,490 shares in the company, valued at approximately $54,177,585. This trade represents a 0.23 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last three months, insiders have sold 67,051 shares of company stock worth $1,207,671. Corporate insiders own 21.40% of the company’s stock.

Hedge Funds Weigh In On Serve Robotics

Several large investors have recently bought and sold shares of SERV. Larson Financial Group LLC bought a new stake in shares of Serve Robotics during the 3rd quarter worth $26,000. Blue Trust Inc. bought a new stake in shares of Serve Robotics during the 4th quarter worth $27,000. CIBC Private Wealth Group LLC bought a new stake in shares of Serve Robotics during the 4th quarter worth $34,000. Bogart Wealth LLC bought a new stake in shares of Serve Robotics during the 4th quarter worth $37,000. Finally, Gordian Capital Singapore Pte Ltd bought a new stake in shares of Serve Robotics during the 3rd quarter worth $68,000.

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.