Serve Robotics (NASDAQ:SERV) Shares Gap Down After Insider Selling

Serve Robotics Inc. (NASDAQ:SERV) shares gapped down prior to trading on Wednesday after an insider sold shares in the company. The stock had previously closed at $16.68, but opened at $16.30. Serve Robotics shares last traded at $15.98, with a volume of 3,238,083 shares changing hands.

Specifically, CEO Ali Kashani sold 22,500 shares of Serve Robotics stock in a transaction on Monday, December 16th. The shares were sold at an average price of $14.93, for a total value of $335,925.00. Following the transaction, the chief executive officer now directly owns 3,306,998 shares in the company, valued at $49,373,480.14. This trade represents a 0.68 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Ali Kashani sold 2,500 shares of the firm’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $12.48, for a total transaction of $31,200.00. Following the completion of the sale, the chief executive officer now owns 3,329,498 shares of the company’s stock, valued at $41,552,135.04. This trade represents a 0.08 % decrease in their position. The disclosure for this sale can be found here.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on SERV shares. Seaport Res Ptn upgraded shares of Serve Robotics to a “strong-buy” rating in a report on Monday, October 7th. Northland Capmk raised shares of Serve Robotics to a “strong-buy” rating in a research note on Friday, October 18th. LADENBURG THALM/SH SH assumed 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. Finally, Northland Securities started coverage on Serve Robotics in a research report on Friday, October 18th. They set an “outperform” rating and a $16.00 price target on the stock. Two research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, Serve Robotics has an average rating of “Strong Buy” and a consensus price target of $16.00.

Serve Robotics Trading Down 4.2 %

The firm’s fifty day moving average is $9.90 and its 200 day moving average is $8.14.

Institutional Trading of Serve Robotics

Several large investors have recently modified their holdings of SERV. Yong Rong HK Asset Management Ltd acquired a new position in shares of Serve Robotics in the 3rd quarter worth approximately $9,636,000. Thomist Capital Management LP bought a new stake in Serve Robotics in the 2nd quarter valued at $407,000. Geode Capital Management LLC raised its holdings in shares of Serve Robotics by 128.1% in the third 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 during the last quarter. PFG Investments LLC bought a new stake in Serve Robotics during the 2nd quarter worth about $110,000. Finally, State Street Corp acquired a new position in shares of Serve Robotics during the 3rd quarter worth about $333,000.

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.