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

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s stock price gapped down before the market opened on Wednesday after an insider sold shares in the company. The stock had previously closed at $16.68, but opened at $16.30. Serve Robotics shares last traded at $15.98, with a volume of 3,238,083 shares changing hands.

Specifically, CEO Ali Kashani sold 22,500 shares of Serve Robotics stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $14.93, for a total transaction of $335,925.00. Following the completion of the transaction, the chief executive officer now owns 3,306,998 shares in the company, valued at approximately $49,373,480.14. This trade represents a 0.68 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Ali Kashani sold 2,500 shares of the business's stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $12.48, for a total value of $31,200.00. Following the completion of the transaction, the chief executive officer now directly owns 3,329,498 shares of the company's stock, valued at approximately $41,552,135.04. This trade represents a 0.08 % decrease in their position. The disclosure for this sale can be found here.

Analyst Ratings Changes

SERV has been the subject of several recent research reports. LADENBURG THALM/SH SH initiated coverage on Serve Robotics in a research report on Monday, October 28th. They set a "buy" rating and a $16.00 price target for the company. Seaport Res Ptn raised shares of Serve Robotics to a "strong-buy" rating in a research note on Monday, October 7th. Northland Securities initiated 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. Finally, Northland Capmk raised shares of Serve Robotics to a "strong-buy" rating in a report on Friday, October 18th. Two research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Strong Buy" and a consensus price target of $16.00.

Serve Robotics Stock Down 15.2 %

The business has a fifty day moving average of $9.98 and a two-hundred day moving average of $8.18.

Institutional Inflows and Outflows

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