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

Serve Robotics Inc. (NASDAQ:SERV) shares gapped down before the market opened on Tuesday following insider selling activity. 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 traded.

Specifically, CEO Ali Kashani sold 37,500 shares of the company’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $21.16, for a total transaction of $793,500.00. Following the transaction, the chief executive officer now directly owns 3,230,990 shares of the company’s stock, valued at $68,367,748.40. This represents a 1.15 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Ali Kashani sold 7,500 shares of the firm’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $17.23, for a total value of $129,225.00. Following the completion of the sale, the chief executive officer now directly owns 3,268,490 shares of the company’s stock, valued at approximately $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 subject of several research analyst reports. LADENBURG THALM/SH SH initiated 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. Northland Capmk raised shares of Serve Robotics to a “strong-buy” rating in a report on Friday, October 18th. Northland Securities assumed coverage on shares of Serve Robotics in a research note on Friday, October 18th. They set an “outperform” rating and a $16.00 price objective for the company. Finally, Seaport Res Ptn raised Serve Robotics to a “strong-buy” rating in a research report on Monday, October 7th. Two investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Strong Buy” and a consensus price target of $16.00.

Serve Robotics Stock Performance

The firm’s 50 day simple moving average is $11.86 and its 200 day simple moving average is $9.60.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Yong Rong HK Asset Management Ltd acquired a new stake in Serve Robotics during the 3rd quarter worth about $9,636,000. Thomist Capital Management LP purchased a new stake in shares of Serve Robotics in the second quarter worth about $407,000. Geode Capital Management LLC grew its holdings in Serve Robotics by 128.1% during the third quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock worth $1,041,000 after acquiring an additional 73,496 shares during the period. PFG Investments LLC purchased a new position in Serve Robotics during the second quarter valued at approximately $110,000. Finally, State Street Corp acquired a new position in Serve Robotics in the third quarter valued at approximately $333,000.

Serve Robotics Company Profile

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.