Serve Robotics (NASDAQ:SERV) Trading Down 6.7% – Should You Sell?

Serve Robotics Inc. (NASDAQ:SERV) dropped 6.7% during trading on Friday . The company traded as low as $7.20 and last traded at $7.39. Approximately 2,375,161 shares were traded during trading, a decline of 80% from the average daily volume of 11,618,247 shares. The stock had previously closed at $7.92.

Analysts Set New Price Targets

Separately, Northland Securities set a $23.00 target price on shares of 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, the stock currently has a consensus rating of “Strong Buy” and an average price target of $19.50.

Serve Robotics Trading Down 6.5 %

The company has a 50-day moving average price of $15.47 and a two-hundred day moving average price of $11.70.

Insider Buying and Selling at Serve Robotics

In other Serve Robotics news, COO Touraj Parang sold 50,000 shares of the company’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $12.99, for a total value of $649,500.00. Following the transaction, the chief operating officer now owns 1,163,439 shares of the company’s stock, valued at $15,113,072.61. This represents a 4.12 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Ali Kashani sold 2,500 shares of Serve Robotics stock in a transaction on Friday, December 13th. The stock was sold at an average price of $12.48, for a total value of $31,200.00. Following the sale, the chief executive officer now owns 3,329,498 shares of the company’s stock, valued at approximately $41,552,135.04. This trade represents a 0.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 145,531 shares of company stock worth $2,296,330 over the last quarter. Insiders own 21.40% of the company’s stock.

Hedge Funds Weigh In On Serve Robotics

A number of hedge funds have recently added to or reduced their stakes in the stock. Blue Trust Inc. bought a new position in Serve Robotics in the fourth quarter worth approximately $27,000. CIBC Private Wealth Group LLC purchased a new stake in shares of Serve Robotics in the 4th quarter worth $34,000. Bogart Wealth LLC bought a new position in shares of Serve Robotics during the 4th quarter worth $37,000. Larson Financial Group LLC bought a new position in shares of Serve Robotics during the 3rd quarter worth $26,000. Finally, Jefferies Financial Group Inc. increased its stake in shares of Serve Robotics by 30.3% during the fourth 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 during the period.

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.