Serve Robotics (NASDAQ:SERV) Shares Down 1% – Should You Sell?

Serve Robotics Inc. (NASDAQ:SERV)’s share price dropped 1% during trading on Tuesday . The company traded as low as $16.86 and last traded at $18.08. Approximately 3,647,811 shares were traded during mid-day trading, a decline of 75% from the average daily volume of 14,430,186 shares. The stock had previously closed at $18.26.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Seaport Res Ptn raised Serve Robotics to a “strong-buy” rating in a research note on Monday, October 7th. Northland Securities raised their price target on shares of Serve Robotics from $16.00 to $23.00 and gave the stock an “outperform” rating in a report on Wednesday, January 15th. LADENBURG THALM/SH SH initiated coverage on shares of Serve Robotics in a research note on Monday, October 28th. They set a “buy” rating and a $16.00 price objective for the company. Finally, Northland Capmk raised Serve Robotics to a “strong-buy” rating in a research note on Friday, October 18th. Two investment analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Strong Buy” and a consensus price target of $19.50.

Serve Robotics Trading Down 0.5 %

The stock’s 50-day simple moving average is $13.50 and its 200-day simple moving average is $10.70.

Serve Robotics (NASDAQ:SERV) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.20) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.20). Serve Robotics had a negative net margin of 1,972.12% and a negative return on equity of 184.60%. The company had revenue of $0.22 million for the quarter, compared to analysts’ expectations of $0.36 million. As a group, equities research analysts predict that Serve Robotics Inc. will post -0.98 earnings per share for the current year.

Insiders Place Their Bets

In other Serve Robotics news, Director James Buckly Jordan sold 64,408 shares of Serve Robotics stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $8.57, for a total transaction of $551,976.56. Following the completion of the transaction, the director now owns 449,052 shares in the company, valued at approximately $3,848,375.64. The trade was a 12.54 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ali Kashani sold 37,500 shares of the stock in a transaction on 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 sale, the chief executive officer now directly owns 3,230,990 shares in the company, valued at approximately $68,367,748.40. This represents a 1.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 253,027 shares of company stock worth $3,309,166. 21.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Serve Robotics

A number of institutional investors have recently made changes to their positions in the company. Yong Rong HK Asset Management Ltd bought a new stake in shares of Serve Robotics in the third quarter worth approximately $9,636,000. Exchange Traded Concepts LLC purchased a new stake in Serve Robotics in the fourth quarter worth approximately $9,066,000. Geode Capital Management LLC grew its position in Serve Robotics by 128.1% in the 3rd 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. Harbour Capital Advisors LLC raised its stake in Serve Robotics by 102.4% during the 4th quarter. Harbour Capital Advisors LLC now owns 50,365 shares of the company’s stock valued at $680,000 after buying an additional 25,475 shares during the last quarter. Finally, State Street Corp bought a new position in shares of Serve Robotics during the 3rd quarter valued at $333,000.

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.