Serve Robotics (NASDAQ:SERV) Shares Down 6.3% – Time to Sell?

Serve Robotics Inc. (NASDAQ:SERVGet Free Report)’s stock price fell 6.3% during trading on Tuesday . The company traded as low as $7.33 and last traded at $7.34. 1,615,726 shares were traded during mid-day trading, a decline of 83% from the average session volume of 9,695,661 shares. The stock had previously closed at $7.83.

Wall Street Analyst Weigh In

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

View Our Latest Research Report on Serve Robotics

Serve Robotics Trading Down 4.3 %

The business’s fifty day simple moving average is $14.19 and its 200-day simple moving average is $11.58. The firm has a market cap of $426.66 million and a P/E ratio of -6.25.

Insider Buying and Selling at Serve Robotics

In other Serve Robotics news, CEO Ali Kashani sold 2,500 shares of the business’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $14.70, for a total transaction of $36,750.00. Following the sale, the chief executive officer now owns 3,295,990 shares of the company’s stock, valued at $48,451,053. The trade was a 0.08 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders have sold 68,031 shares of company stock valued at $1,245,905 in the last 90 days. 21.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. State Street Corp purchased a new position in shares of Serve Robotics during the 3rd quarter valued at $333,000. Exchange Traded Concepts LLC purchased a new position in shares of Serve Robotics during the 4th quarter valued at $9,066,000. Atomi Financial Group Inc. purchased a new position in shares of Serve Robotics during the 4th quarter valued at $209,000. Geode Capital Management LLC grew its position in shares of Serve Robotics by 128.1% during the 3rd quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock valued at $1,041,000 after purchasing an additional 73,496 shares in the last quarter. Finally, Stephens Inc. AR purchased a new position in shares of Serve Robotics during the 4th quarter valued at $142,000.

Serve Robotics Company Profile

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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.

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