Serve Robotics (NASDAQ:SERV) Stock Price Down 0.7% After Insider Selling

Serve Robotics Inc. (NASDAQ:SERV)’s share price traded down 0.7% on Monday following insider selling activity. The company traded as low as $8.68 and last traded at $8.95. 2,229,003 shares were traded during mid-day trading, a decline of 82% from the average session volume of 12,244,363 shares. The stock had previously closed at $9.01.

Specifically, CEO Ali Kashani sold 3,713 shares of Serve Robotics stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $9.21, for a total transaction of $34,196.73. Following the sale, the chief executive officer now owns 3,225,852 shares of the company’s stock, valued at approximately $29,710,096.92. The trade was a 0.11 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Analysts Set New Price Targets

Separately, Northland Securities set a $23.00 price target on shares of Serve Robotics in a research note on Tuesday, February 18th. Two investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, Serve Robotics has a consensus rating of “Strong Buy” and a consensus price target of $19.50.

Serve Robotics Stock Performance

The business’s 50-day moving average is $15.90 and its 200-day moving average is $11.77.

Hedge Funds Weigh In On Serve Robotics

Institutional investors and hedge funds have recently made changes to their positions in the business. Jefferies Financial Group Inc. grew its stake in shares of Serve Robotics by 30.3% in the 4th quarter. Jefferies Financial Group Inc. now owns 17,200 shares of the company’s stock worth $232,000 after buying an additional 4,000 shares during the last quarter. Two Sigma Investments LP bought a new stake in Serve Robotics in the fourth quarter worth $815,000. Tidal Investments LLC grew its stake in shares of Serve Robotics by 57.6% in the fourth quarter. Tidal Investments LLC now owns 51,846 shares of the company’s stock worth $700,000 after acquiring an additional 18,948 shares during the last quarter. Man Group plc bought a new position in shares of Serve Robotics during the fourth quarter valued at $467,000. Finally, OMERS ADMINISTRATION Corp purchased a new position in shares of Serve Robotics in the 4th quarter worth about $431,000.

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.