Serve Robotics (NASDAQ:SERV) Shares Down 16.9% Following Insider Selling

Serve Robotics Inc. (NASDAQ:SERV)’s share price was down 16.9% on Tuesday following insider selling activity. The stock traded as low as $17.75 and last traded at $19.03. Approximately 13,598,317 shares were traded during trading, a decline of 19% from the average daily volume of 16,769,119 shares. The stock had previously closed at $22.89.

Specifically, CEO Ali Kashani sold 37,500 shares of the firm’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 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 document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Ali Kashani sold 7,500 shares of the stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $17.23, for a total transaction of $129,225.00. Following 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. The trade was a 0.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analyst Ratings Changes

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

Serve Robotics Price Performance

The stock’s 50 day simple moving average is $11.86 and its two-hundred day simple moving average is $9.60.

Institutional Investors Weigh In On Serve Robotics

A number of hedge funds have recently modified their holdings of the business. Larson Financial Group LLC acquired a new stake in shares of Serve Robotics in the third quarter valued at approximately $26,000. Bfsg LLC acquired a new stake in Serve Robotics in the 3rd quarter valued at $38,000. Gordian Capital Singapore Pte Ltd bought a new stake in Serve Robotics during the 3rd quarter worth about $68,000. Quantum Private Wealth LLC acquired a new position in shares of Serve Robotics during the 3rd quarter worth about $80,000. Finally, PFG Investments LLC bought a new position in shares of Serve Robotics in the 2nd quarter valued at about $110,000.

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.