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

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s stock price gapped down prior to trading 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 trading hands.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on SERV. Northland Securities upped their target price on shares of Serve Robotics from $16.00 to $23.00 and gave the company an "outperform" rating in a report on Wednesday, January 15th. LADENBURG THALM/SH SH began coverage on shares of Serve Robotics in a report on Monday, October 28th. They issued a "buy" rating and a $16.00 target price for the company. 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, the stock presently has an average rating of "Strong Buy" and a consensus target price of $19.50.

Serve Robotics Trading Down 9.2 %

The firm's fifty day moving average is $16.57 and its 200-day moving average is $11.94.

Insider Buying and Selling

In related news, CEO Ali Kashani sold 37,500 shares of the stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $21.16, for a total transaction of $793,500.00. Following the completion of the transaction, the chief executive officer now directly owns 3,230,990 shares of the company's stock, valued at $68,367,748.40. This represents a 1.15 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, COO Touraj Parang sold 50,000 shares of the stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $12.99, for a total transaction of $649,500.00. Following 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 represents a 4.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 185,793 shares of company stock valued at $2,733,515 over the last ninety days. Corporate insiders own 21.40% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Two Sigma Investments LP acquired a new position in Serve Robotics during the fourth quarter worth about $815,000. Tidal Investments LLC grew its position in Serve Robotics by 57.6% during the fourth quarter. Tidal Investments LLC now owns 51,846 shares of the company's stock worth $700,000 after buying an additional 18,948 shares during the period. Man Group plc acquired a new position in Serve Robotics during the fourth quarter worth about $467,000. OMERS ADMINISTRATION Corp acquired a new position in Serve Robotics during the fourth quarter worth about $431,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Serve Robotics during the fourth quarter worth about $1,279,000.

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.