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

Serve Robotics Inc. (NASDAQ:SERV)’s share price gapped down prior to trading on Wednesday following insider selling activity. 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 traded.

Specifically, CEO Ali Kashani sold 22,500 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $14.93, for a total value of $335,925.00. Following the sale, the chief executive officer now owns 3,306,998 shares in the company, valued at approximately $49,373,480.14. This represents a 0.68 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Ali Kashani sold 2,500 shares of the business’s stock in a transaction on 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 transaction, the chief executive officer now owns 3,329,498 shares of the company’s stock, valued at approximately $41,552,135.04. This represents a 0.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analysts Set New Price Targets

SERV has been the subject of a number of recent analyst reports. Northland Securities initiated coverage on shares of Serve Robotics in a report on Friday, October 18th. They issued an “outperform” rating and a $16.00 price objective for the company. 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 target for the company. Seaport Res Ptn upgraded Serve Robotics to a “strong-buy” rating in a research report on Monday, October 7th. Finally, Northland Capmk upgraded 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 issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Strong Buy” and an average price target of $16.00.

Serve Robotics Stock Down 15.2 %

The company has a fifty day moving average of $9.98 and a 200-day moving average of $8.18.

Institutional Trading of Serve Robotics

Institutional investors have recently made changes to their positions in the company. Larson Financial Group LLC acquired a new position in Serve Robotics during the third quarter worth $26,000. Bfsg LLC acquired a new stake in Serve Robotics during the third quarter worth $38,000. Gordian Capital Singapore Pte Ltd purchased a new stake in Serve Robotics in the third quarter valued at $68,000. Quantum Private Wealth LLC acquired a new position in shares of Serve Robotics in the 3rd quarter valued at $80,000. Finally, Quadrature Capital Ltd purchased a new position in shares of Serve Robotics during the 3rd quarter worth $148,000.

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.