Serve Robotics (NASDAQ:SERV) Stock Price Down 7.1% on Insider Selling

Shares of Serve Robotics Inc. (NASDAQ:SERV) dropped 7.1% on Friday following insider selling activity. The stock traded as low as $16.01 and last traded at $16.39. Approximately 5,596,455 shares traded hands during mid-day trading, a decline of 41% from the average daily volume of 9,467,164 shares. The stock had previously closed at $17.64.

Specifically, CEO Ali Kashani sold 7,500 shares of the stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $16.50, for a total transaction of $123,750.00. Following the sale, the chief executive officer now owns 3,283,490 shares of the company’s stock, valued at approximately $54,177,585. This represents a 0.23 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Ali Kashani sold 5,000 shares of Serve Robotics stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $14.55, for a total value of $72,750.00. Following the transaction, the chief executive officer now directly owns 3,290,990 shares of the company’s stock, valued at $47,883,904.50. The trade was a 0.15 % decrease in their position. The disclosure for this sale can be found here. In other news, CEO Ali Kashani sold 2,500 shares of the company’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $14.70, for a total transaction of $36,750.00. Following the sale, the chief executive officer now directly owns 3,295,990 shares in the company, valued at $48,451,053. This represents a 0.08 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link.

Analyst Ratings Changes

Several brokerages recently commented on SERV. Seaport Res Ptn raised shares of Serve Robotics to a “strong-buy” rating in a research note on Monday, October 7th. LADENBURG THALM/SH SH initiated coverage on shares of Serve Robotics in a research report on Monday, October 28th. They set a “buy” rating and a $16.00 price target for the company. Northland Capmk upgraded Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. Finally, Northland Securities assumed coverage on Serve Robotics in a research report on Friday, October 18th. They set an “outperform” rating and a $16.00 target price for the company. Two research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat.com, Serve Robotics has a consensus rating of “Strong Buy” and an average price target of $16.00.

Serve Robotics Stock Performance

The firm’s 50-day simple moving average is $10.83 and its 200-day simple moving average is $8.78.

Institutional Trading of Serve Robotics

A number of hedge funds have recently made changes to their positions in the stock. PFG Investments LLC bought a new position in Serve Robotics in the second quarter valued at $110,000. Thomist Capital Management LP purchased a new position in shares of Serve Robotics in the 2nd quarter worth about $407,000. Bfsg LLC bought a new position in shares of Serve Robotics during the 3rd quarter valued at about $38,000. Harbour Capital Advisors LLC purchased a new position in shares of Serve Robotics during the 3rd quarter valued at about $198,000. Finally, Yong Rong HK Asset Management Ltd bought a new stake in Serve Robotics in the 3rd quarter worth approximately $9,636,000.

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.