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Serve Robotics (NASDAQ:SERV) Shares Down 9.7% - Time to Sell?

Serve Robotics logo with Computer and Technology background

Shares of Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) were down 9.7% during trading on Tuesday . The company traded as low as $11.63 and last traded at $12.51. Approximately 15,345,986 shares changed hands during mid-day trading, an increase of 18% from the average daily volume of 13,038,644 shares. The stock had previously closed at $13.85.

Analyst Ratings Changes

A number of equities analysts have commented on SERV shares. Northland Securities set a $23.00 price target on shares of Serve Robotics in a research note on Tuesday, February 18th. LADENBURG THALM/SH SH started coverage on shares of Serve Robotics in a research note on Monday, October 28th. They issued a "buy" rating and a $16.00 price target for the company. Two research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat, Serve Robotics has a consensus rating of "Strong Buy" and an average price target of $19.50.

Check Out Our Latest Research Report on Serve Robotics

Serve Robotics Stock Down 8.3 %

The stock's 50 day simple moving average is $16.55 and its 200 day simple moving average is $11.90.

Insider Activity

In other news, CEO Ali Kashani sold 2,500 shares of the company's stock in a transaction on Monday, December 9th. The shares were sold at an average price of $13.52, for a total value of $33,800.00. Following the completion of the sale, the chief executive officer now owns 3,344,498 shares of the company's stock, valued at approximately $45,217,612.96. This represents a 0.07 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Touraj Parang sold 50,000 shares of the company's stock in a transaction on Monday, December 9th. The shares were sold at an average price of $12.99, for a total transaction 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. This trade represents a 4.12 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 185,793 shares of company stock valued at $2,733,515. Corporate insiders own 21.40% of the company's stock.

Institutional Investors Weigh In On Serve Robotics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Blue Trust Inc. bought a new stake in Serve Robotics during the 4th quarter valued at $27,000. CIBC Private Wealth Group LLC bought a new stake in Serve Robotics during the 4th quarter valued at $34,000. Bogart Wealth LLC bought a new stake in Serve Robotics during the 4th quarter valued at $37,000. Larson Financial Group LLC bought a new stake in Serve Robotics during the 3rd quarter valued at $26,000. Finally, SG Americas Securities LLC bought a new stake in Serve Robotics during the 4th quarter valued at $114,000.

Serve Robotics Company Profile

(Get Free Report)

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.

Further Reading

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