Serve Robotics (NASDAQ:SERV) Shares Gap Down - Here's What Happened

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s share price 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 trading hands.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on SERV. Northland Capmk upgraded shares of Serve Robotics to a "strong-buy" rating in a research report on Friday, October 18th. Northland Securities upped their price target on shares of Serve Robotics from $16.00 to $23.00 and gave the stock an "outperform" rating in a research note on Wednesday. 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 objective for the company. Finally, Seaport Res Ptn raised Serve Robotics to a "strong-buy" rating in a research report on Monday, October 7th. Two research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Strong Buy" and a consensus price target of $19.50.

Serve Robotics Price Performance

The company's 50-day simple moving average is $12.40 and its 200 day simple moving average is $10.07.

Insider Buying and Selling

In other Serve Robotics news, COO Touraj Parang sold 50,000 shares of the company's stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $12.99, for a total transaction of $649,500.00. Following the completion of the sale, the chief operating officer now directly owns 1,163,439 shares in the company, valued at $15,113,072.61. This represents a 4.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ali Kashani sold 2,500 shares of Serve Robotics stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $13.52, for a total value of $33,800.00. Following the completion of the transaction, the chief executive officer now owns 3,344,498 shares in the company, valued at $45,217,612.96. The trade was a 0.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 253,027 shares of company stock worth $3,309,166. Corporate insiders own 21.40% of the company's stock.

Institutional Trading of Serve Robotics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Thomist Capital Management LP bought a new stake in shares of Serve Robotics in the second quarter valued at approximately $407,000. Bfsg LLC bought a new stake in Serve Robotics in the 3rd quarter valued at $38,000. Harbour Capital Advisors LLC acquired a new stake in Serve Robotics in the 3rd quarter worth $198,000. Yong Rong HK Asset Management Ltd acquired a new stake in Serve Robotics in the 3rd quarter worth $9,636,000. Finally, Quantum Private Wealth LLC bought a new position in shares of Serve Robotics during the 3rd quarter worth about $80,000.

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.