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 following insider selling activity. 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 trading hands.

Specifically, CEO Ali Kashani sold 37,500 shares of the company’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $21.16, for a total value of $793,500.00. Following the completion of the transaction, the chief executive officer now directly owns 3,230,990 shares in the company, valued at approximately $68,367,748.40. This represents a 1.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Ali Kashani sold 7,500 shares of the firm’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $17.23, for a total transaction of $129,225.00. Following the transaction, the chief executive officer now directly owns 3,268,490 shares of the company’s stock, valued at $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 Upgrades and Downgrades

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

Serve Robotics Stock Performance

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

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.