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

Shares of Serve Robotics Inc. (NASDAQ:SERV) gapped down before the market opened on Monday . The stock had previously closed at $18.74, but opened at $17.53. Serve Robotics shares last traded at $15.84, with a volume of 4,159,806 shares traded.

Analyst Upgrades and Downgrades

SERV has been the topic of a number of research analyst reports. Northland Capmk upgraded shares of Serve Robotics to a “strong-buy” rating in a research note on Friday, October 18th. Seaport Res Ptn upgraded shares of Serve Robotics to a “strong-buy” rating in a research note on Monday, October 7th. Northland Securities started coverage on Serve Robotics in a research note on Friday, October 18th. They issued an “outperform” rating and a $16.00 price target for the company. Finally, LADENBURG THALM/SH SH began coverage on Serve Robotics in a research note on Monday, October 28th. They set a “buy” rating and a $16.00 price objective on the stock. Two investment analysts have rated the stock with a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Strong Buy” and an average target price of $16.00.

Serve Robotics Trading Up 11.0 %

The stock’s fifty day simple moving average is $12.40 and its two-hundred day simple moving average is $10.07.

Insider Activity at Serve Robotics

In related news, CEO Ali Kashani sold 2,500 shares of the company’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $13.52, for a total transaction of $33,800.00. Following the completion of the transaction, the chief executive officer now directly owns 3,344,498 shares in the company, valued at $45,217,612.96. This represents a 0.07 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director James Buckly Jordan sold 64,408 shares of the stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $8.57, for a total value of $551,976.56. Following the completion of the sale, the director now directly owns 449,052 shares in the company, valued at $3,848,375.64. This represents a 12.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 253,027 shares of company stock valued at $3,309,166 in the last quarter. Insiders own 21.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Thomist Capital Management LP acquired a new stake in shares of Serve Robotics in the second quarter valued at approximately $407,000. Bfsg LLC bought a new position in Serve Robotics in the 3rd quarter worth approximately $38,000. Harbour Capital Advisors LLC acquired a new stake in Serve Robotics in the 3rd quarter valued at approximately $198,000. Yong Rong HK Asset Management Ltd bought a new stake in Serve Robotics during the 3rd quarter valued at $9,636,000. Finally, Quantum Private Wealth LLC acquired a new position in Serve Robotics during the 3rd quarter worth $80,000.

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.