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

Serve Robotics Inc. (NASDAQ:SERV) shares gapped down prior to trading on Tuesday . The stock had previously closed at $21.10, but opened at $20.31. Serve Robotics shares last traded at $20.60, with a volume of 969,474 shares changing hands.

Analysts Set New Price Targets

Several equities research analysts have issued reports on SERV shares. Northland Securities raised their target price on Serve Robotics from $16.00 to $23.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 15th. Northland Capmk upgraded shares of Serve Robotics to a “strong-buy” rating in a report on Friday, October 18th. Finally, LADENBURG THALM/SH SH started coverage on shares of Serve Robotics in a research note on Monday, October 28th. They set a “buy” rating and a $16.00 target price for the company. Two research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Strong Buy” and an average price target of $19.50.

Serve Robotics Stock Down 6.9 %

The company has a fifty day moving average of $15.79 and a 200-day moving average of $11.89.

Insiders Place Their Bets

In other Serve Robotics news, COO Touraj Parang sold 50,000 shares of the stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $12.99, for a total value of $649,500.00. Following the sale, the chief operating officer now directly owns 1,163,439 shares of the company’s stock, valued at approximately $15,113,072.61. This represents a 4.12 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Ali Kashani sold 9,719 shares of Serve Robotics stock in a transaction on 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 253,027 shares of company stock worth $3,309,166 over the last three months. Company insiders own 21.40% of the company’s stock.

Institutional Trading of Serve Robotics

A number of hedge funds and other institutional investors have recently bought and sold shares of SERV. Larson Financial Group LLC acquired a new stake in Serve Robotics during the 3rd quarter worth $26,000. Blue Trust Inc. purchased a new position in shares of Serve Robotics during the fourth quarter worth about $27,000. Bogart Wealth LLC acquired a new stake in shares of Serve Robotics during the fourth quarter worth about $37,000. Bfsg LLC purchased a new stake in shares of Serve Robotics in the 3rd quarter valued at about $38,000. Finally, Gordian Capital Singapore Pte Ltd acquired a new stake in shares of Serve Robotics in the 3rd quarter valued at about $68,000.

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.