Serve Robotics (NASDAQ:SERV) Shares Down 6.7% – Should You Sell?

Serve Robotics Inc. (NASDAQ:SERV)’s stock price dropped 6.7% on Wednesday . The company traded as low as $18.28 and last traded at $18.12. Approximately 5,191,331 shares traded hands during trading, a decline of 63% from the average daily volume of 14,093,235 shares. The stock had previously closed at $19.41.

Analyst Upgrades and Downgrades

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

Serve Robotics Price Performance

The business’s 50 day moving average is $13.70 and its two-hundred day moving average is $10.75.

Serve Robotics (NASDAQ:SERV) last announced its earnings results on Thursday, November 7th. The company reported ($0.20) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.20). The business had revenue of $0.22 million for the quarter, compared to the consensus estimate 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 analysts anticipate that Serve Robotics Inc. will post -0.98 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director James Buckly Jordan sold 64,408 shares of Serve Robotics stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $8.57, for a total value of $551,976.56. Following the transaction, the director now directly owns 449,052 shares of the company’s stock, valued at $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 is available through this link. Also, CEO Ali Kashani sold 37,500 shares of Serve Robotics stock in a transaction on Monday, January 6th. The stock was sold at an average price of $21.16, for a total transaction of $793,500.00. Following the completion of the transaction, the chief executive officer now directly owns 3,230,990 shares in the company, valued at approximately $68,367,748.40. The trade was a 1.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 253,027 shares of company stock valued at $3,309,166. 21.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Bfsg LLC bought a new position in Serve Robotics in the 3rd quarter worth $38,000. Harbour Capital Advisors LLC bought a new position in Serve Robotics in the 3rd quarter worth $198,000. Yong Rong HK Asset Management Ltd bought a new position in Serve Robotics in the 3rd quarter worth $9,636,000. Quantum Private Wealth LLC bought a new position in Serve Robotics in the 3rd quarter worth $80,000. Finally, GSA Capital Partners LLP bought a new position in Serve Robotics in the 3rd quarter worth $152,000.

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.