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

Serve Robotics Inc. (NASDAQ:SERV)’s stock price gapped down prior to trading on Tuesday after an insider sold shares in the company. 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 stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $21.16, for a total value of $793,500.00. Following the completion of the sale, the chief executive officer now owns 3,230,990 shares of the company’s stock, valued at $68,367,748.40. This trade represents a 1.15 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ali Kashani sold 7,500 shares of the company’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $17.23, for a total transaction of $129,225.00. Following the completion of the transaction, the chief executive officer now owns 3,268,490 shares of the company’s stock, valued at $56,316,082.70. This trade represents a 0.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

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

Serve Robotics Stock Performance

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

Hedge Funds Weigh In On Serve Robotics

A number of large investors have recently made changes to their positions in SERV. Yong Rong HK Asset Management Ltd bought a new stake in shares of Serve Robotics in the 3rd quarter valued at approximately $9,636,000. Thomist Capital Management LP bought a new stake in Serve Robotics in the second quarter worth approximately $407,000. Geode Capital Management LLC increased its stake in shares of Serve Robotics by 128.1% during the 3rd quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock worth $1,041,000 after purchasing an additional 73,496 shares during the last quarter. PFG Investments LLC bought a new position in shares of Serve Robotics during the 2nd quarter valued at $110,000. Finally, State Street Corp acquired a new stake in shares of Serve Robotics in the 3rd quarter valued at $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.