Serve Robotics (NASDAQ:SERV) Stock Price Down 10.6% on Insider Selling

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) fell 10.6% during trading on Wednesday following insider selling activity. The stock traded as low as $16.20 and last traded at $16.64. 6,129,059 shares were traded during trading, a decline of 63% from the average session volume of 16,632,645 shares. The stock had previously closed at $18.61.

Specifically, CEO Ali Kashani sold 37,500 shares of the business's stock in a transaction that occurred on Monday, January 6th. The shares were 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 owns 3,230,990 shares of the company's stock, valued at $68,367,748.40. The trade was a 1.15 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Ali Kashani sold 7,500 shares of the stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $17.23, for a total value of $129,225.00. Following the sale, the chief executive officer now directly owns 3,268,490 shares in the company, valued at $56,316,082.70. This trade represents a 0.23 % decrease in their position. The disclosure for this sale can be found here.

Analyst Ratings Changes

A number of brokerages recently weighed in on SERV. 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 on the stock. Seaport Res Ptn upgraded shares of Serve Robotics to a "strong-buy" rating in a report on Monday, October 7th. Northland Capmk raised shares of Serve Robotics to a "strong-buy" rating in a research report on Friday, October 18th. Finally, Northland Securities assumed coverage on shares of Serve Robotics in a research report on Friday, October 18th. They set an "outperform" rating and a $16.00 target price for the company. Two 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.com, Serve Robotics has a consensus rating of "Strong Buy" and an average target price of $16.00.

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Serve Robotics Stock Down 9.7 %

The firm has a fifty day simple moving average of $11.86 and a two-hundred day simple moving average of $9.60.

Hedge Funds Weigh In On Serve Robotics

Several hedge funds and other institutional investors have recently modified their holdings of SERV. Larson Financial Group LLC acquired a new position in Serve Robotics during the 3rd quarter valued at approximately $26,000. Bfsg LLC acquired a new position in shares of Serve Robotics in the 3rd quarter valued at $38,000. Gordian Capital Singapore Pte Ltd purchased a new position in Serve Robotics in the 3rd quarter worth $68,000. Quantum Private Wealth LLC acquired a new stake in Serve Robotics during the 3rd quarter worth about $80,000. Finally, Quadrature Capital Ltd purchased a new stake in Serve Robotics during the 3rd quarter valued at about $148,000.

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.