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

Serve Robotics Inc. (NASDAQ:SERV) gapped down prior to trading 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.

Wall Street Analysts Forecast Growth

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

Serve Robotics Stock Performance

The company has a 50 day moving average price of $12.16 and a 200 day moving average price of $9.88.

Insider Transactions at Serve Robotics

In related news, CEO Ali Kashani sold 37,500 shares of Serve Robotics stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $21.16, for a total value of $793,500.00. Following the sale, the chief executive officer now directly owns 3,230,990 shares in the company, valued at $68,367,748.40. This trade represents a 1.15 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Touraj Parang sold 50,000 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $12.99, for a total value of $649,500.00. Following the completion of the transaction, the chief operating officer now directly owns 1,163,439 shares of the company’s stock, valued at $15,113,072.61. This trade represents a 4.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 253,027 shares of company stock valued at $3,309,166. Insiders own 21.40% of the company’s stock.

Hedge Funds Weigh In On Serve Robotics

A number of institutional investors and hedge funds have recently bought and sold shares of SERV. Larson Financial Group LLC acquired a new position in shares of Serve Robotics during the third quarter valued at approximately $26,000. Bfsg LLC acquired a new position in shares of Serve Robotics during the 3rd quarter valued at $38,000. Gordian Capital Singapore Pte Ltd bought a new stake in shares of Serve Robotics in the 3rd quarter worth $68,000. Quantum Private Wealth LLC acquired a new stake in shares of Serve Robotics in the third quarter valued at $80,000. Finally, Quadrature Capital Ltd bought a new stake in Serve Robotics in the third quarter worth about $148,000.

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.