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

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) gapped down before the market opened on Tuesday . The stock had previously closed at $13.85, but opened at $13.33. Serve Robotics shares last traded at $12.19, with a volume of 6,975,424 shares.

Analysts Set New Price Targets

Several brokerages have recently issued reports on SERV. LADENBURG THALM/SH SH began coverage on Serve Robotics in a research report on Monday, October 28th. They set a "buy" rating and a $16.00 price objective for the company. Northland Securities upped their target price on Serve Robotics from $16.00 to $23.00 and gave the stock an "outperform" rating in a research report on Wednesday, January 15th. Two research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Strong Buy" and a consensus target price of $19.50.

Serve Robotics Stock Performance

The business has a 50-day moving average price of $16.57 and a 200 day moving average price of $11.94.

Insider Buying and Selling

In related news, CEO Ali Kashani sold 2,500 shares of the 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 sale, the chief executive officer now directly owns 3,344,498 shares in the company, valued at approximately $45,217,612.96. This trade represents a 0.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Touraj Parang sold 50,000 shares of the stock in a transaction 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 sale, the chief operating officer now owns 1,163,439 shares of the company's stock, valued at approximately $15,113,072.61. This represents a 4.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 185,793 shares of company stock worth $2,733,515. Corporate insiders own 21.40% of the company's stock.

Institutional Investors Weigh In On Serve Robotics

Hedge funds and other institutional investors have recently made changes to their positions in the business. Larson Financial Group LLC acquired a new stake in Serve Robotics during the third quarter worth about $26,000. Blue Trust Inc. acquired a new stake in Serve Robotics during the fourth quarter worth about $27,000. CIBC Private Wealth Group LLC acquired a new stake in Serve Robotics during the fourth quarter worth about $34,000. Bogart Wealth LLC acquired a new stake in Serve Robotics during the fourth quarter worth about $37,000. Finally, Gordian Capital Singapore Pte Ltd acquired a new stake in Serve Robotics during the third quarter worth about $68,000.

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.