Serve Robotics (NASDAQ:SERV) Shares Down 4% – Time to Sell?

Shares of Serve Robotics Inc. (NASDAQ:SERV) were down 4% on Monday . The company traded as low as $15.13 and last traded at $15.93. Approximately 3,354,147 shares traded hands during trading, a decline of 72% from the average daily volume of 12,108,047 shares. The stock had previously closed at $16.59.

Analysts Set New Price Targets

Several equities analysts have issued reports on SERV shares. LADENBURG THALM/SH SH assumed coverage on Serve Robotics in a research note on Monday, October 28th. They issued a “buy” rating and a $16.00 target price on the stock. Northland Securities boosted their price objective on shares of Serve Robotics from $16.00 to $23.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 15th. Finally, Northland Capmk raised shares of Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. Two equities 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.com, the stock currently has an average rating of “Strong Buy” and a consensus price target of $19.50.

Serve Robotics Stock Down 0.1 %

The business has a 50 day simple moving average of $15.03 and a 200 day simple moving average of $11.65.

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

Insider Transactions at Serve Robotics

In other Serve Robotics news, CEO Ali Kashani sold 9,719 shares of the stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $8.77, for a total transaction of $85,235.63. Following the sale, the chief executive officer now directly owns 3,355,238 shares of the company’s stock, valued at approximately $29,425,437.26. This trade represents a 0.29 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director James Buckly Jordan sold 64,408 shares of the business’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $8.57, for a total value of $551,976.56. Following the completion of the transaction, the director now directly owns 449,052 shares of the company’s stock, valued at approximately $3,848,375.64. This trade represents a 12.54 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 253,027 shares of company stock worth $3,309,166. Company insiders own 21.40% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. State Street Corp acquired a new position in shares of Serve Robotics in the 3rd quarter valued at $333,000. Exchange Traded Concepts LLC purchased a new stake in shares of Serve Robotics during the 4th quarter worth about $9,066,000. Atomi Financial Group Inc. acquired a new stake in shares of Serve Robotics during the 4th quarter valued at about $209,000. Geode Capital Management LLC increased its stake in shares of Serve Robotics by 128.1% in 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, Yong Rong HK Asset Management Ltd acquired a new position in Serve Robotics in the 3rd quarter worth about $9,636,000.

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.