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

Serve Robotics Inc. (NASDAQ:SERV)’s stock price gapped down prior to trading on Tuesday after an insider sold shares in the company. The stock had previously closed at $22.89, but opened at $19.51. Serve Robotics shares last traded at $19.89, with a volume of 6,509,854 shares changing hands.

Specifically, CEO Ali Kashani sold 37,500 shares of the company’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $21.16, for a total value of $793,500.00. Following the transaction, the chief executive officer now directly owns 3,230,990 shares in the company, valued at $68,367,748.40. This represents a 1.15 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ali Kashani sold 7,500 shares of Serve Robotics stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $17.23, for a total transaction of $129,225.00. Following the sale, the chief executive officer now directly owns 3,268,490 shares of the company’s stock, valued at $56,316,082.70. This represents a 0.23 % decrease in their position. The disclosure for this sale can be found here.

Analysts Set New Price Targets

SERV has been the topic of several research analyst reports. Northland Securities initiated coverage on Serve Robotics in a research note on Friday, October 18th. They issued an “outperform” rating and a $16.00 price objective on the stock. Seaport Res Ptn raised Serve Robotics to a “strong-buy” rating in a research report on Monday, October 7th. LADENBURG THALM/SH SH initiated coverage on Serve Robotics in a report on Monday, October 28th. They issued a “buy” rating and a $16.00 price objective for the company. Finally, Northland Capmk upgraded shares of Serve Robotics to a “strong-buy” rating in a report on Friday, October 18th. 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.com, the company has an average rating of “Strong Buy” and an average target price of $16.00.

Serve Robotics Trading Down 9.7 %

The firm has a 50-day simple moving average of $11.86 and a 200-day simple moving average of $9.60.

Institutional Investors Weigh In On Serve Robotics

Hedge funds have recently made changes to their positions in the stock. State Street Corp bought a new position in Serve Robotics in the third quarter worth about $333,000. Yong Rong HK Asset Management Ltd purchased a new position in shares of Serve Robotics in the 3rd quarter worth approximately $9,636,000. Thomist Capital Management LP bought a new position in shares of Serve Robotics during the 2nd quarter worth approximately $407,000. PFG Investments LLC purchased a new stake in Serve Robotics during the second quarter valued at approximately $110,000. Finally, Bfsg LLC acquired a new stake in Serve Robotics in the third quarter valued at approximately $38,000.

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.