Serve Robotics (NASDAQ:SERV) Stock Price Down 5.6% - Should You Sell?

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s stock price dropped 5.6% during mid-day trading on Friday . The stock traded as low as $12.20 and last traded at $12.37. Approximately 3,781,111 shares changed hands during mid-day trading, a decline of 72% from the average daily volume of 13,342,609 shares. The stock had previously closed at $13.10.

Analyst Upgrades and Downgrades

SERV has been the topic of several research analyst reports. Northland Securities set a $23.00 price objective on Serve Robotics in a research note on Tuesday, February 18th. LADENBURG THALM/SH SH assumed coverage on Serve Robotics in a research report on Monday, October 28th. They set a "buy" rating and a $16.00 target price on the stock. Two research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, Serve Robotics currently has an average rating of "Strong Buy" and an average price target of $19.50.

Serve Robotics Trading Down 13.7 %

The firm has a 50-day simple moving average of $16.46 and a 200-day simple moving average of $11.86.

Insider Buying and Selling at Serve Robotics

In other news, CEO Ali Kashani sold 31,791 shares of the firm's stock in a transaction on Friday, December 6th. The stock was sold at an average price of $11.39, for a total value of $362,099.49. Following the completion of the sale, the chief executive officer now owns 3,346,998 shares of the company's stock, valued at $38,122,307.22. This trade represents a 0.94 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Touraj Parang sold 50,000 shares of the firm'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 completion of the sale, the chief operating officer now directly owns 1,163,439 shares of the company's stock, valued at $15,113,072.61. The trade was a 4.12 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 173,978 shares of company stock valued at $2,629,874. 21.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Serve Robotics

Institutional investors have recently made changes to their positions in the business. Larson Financial Group LLC acquired a new stake in shares of Serve Robotics in the 3rd quarter worth $26,000. Blue Trust Inc. acquired a new stake in Serve Robotics during the 4th quarter worth about $27,000. CIBC Private Wealth Group LLC acquired a new stake in Serve Robotics during the 4th quarter worth about $34,000. Bogart Wealth LLC acquired a new stake in Serve Robotics during the 4th quarter worth about $37,000. Finally, Gordian Capital Singapore Pte Ltd acquired a new stake in Serve Robotics during the 3rd quarter worth about $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.