Serve Robotics (NASDAQ:SERV) Stock Price Down 8.8% Following Insider Selling

Serve Robotics Inc. (NASDAQ:SERV) dropped 8.8% during mid-day trading on Monday following insider selling activity. The stock traded as low as $13.07 and last traded at $13.32. Approximately 5,462,877 shares traded hands during trading, a decline of 42% from the average daily volume of 9,439,242 shares. The stock had previously closed at $14.61.

Specifically, CEO Ali Kashani sold 2,500 shares of Serve Robotics stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $14.70, for a total transaction of $36,750.00. Following the sale, the chief executive officer now directly owns 3,295,990 shares in the company, valued at $48,451,053. The trade was a 0.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Ali Kashani sold 22,500 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $14.93, for a total transaction of $335,925.00. Following the transaction, the chief executive officer now directly owns 3,306,998 shares of the company’s stock, valued at $49,373,480.14. This represents a 0.68 % decrease in their position. The disclosure for this sale can be found here. In related news, CEO Ali Kashani sold 2,500 shares of the firm’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $12.48, for a total transaction of $31,200.00. Following the completion of the transaction, the chief executive officer now owns 3,329,498 shares of the company’s stock, valued at $41,552,135.04. This trade represents a 0.08 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Northland Capmk upgraded shares of Serve Robotics to a “strong-buy” rating in a research note on Friday, October 18th. Seaport Res Ptn upgraded shares of Serve Robotics to a “strong-buy” rating in a report on Monday, October 7th. LADENBURG THALM/SH SH started coverage on Serve Robotics in a research note on Monday, October 28th. They set a “buy” rating and a $16.00 target price on the stock. Finally, Northland Securities began coverage on Serve Robotics in a report on Friday, October 18th. They issued an “outperform” rating and a $16.00 price objective for the company. Two research analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, Serve Robotics currently has a consensus rating of “Strong Buy” and a consensus target price of $16.00.

Serve Robotics Trading Down 4.0 %

The business’s 50 day simple moving average is $10.41 and its 200 day simple moving average is $8.54.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Yong Rong HK Asset Management Ltd purchased a new position in shares of Serve Robotics in the third quarter valued at about $9,636,000. Thomist Capital Management LP bought a new position in shares of Serve Robotics during the second quarter worth $407,000. Geode Capital Management LLC grew its stake in Serve Robotics by 128.1% during the third quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock valued at $1,041,000 after acquiring an additional 73,496 shares in the last quarter. PFG Investments LLC bought a new stake in Serve Robotics in the 2nd quarter valued at $110,000. Finally, State Street Corp purchased a new stake in Serve Robotics in the 3rd quarter worth $333,000.

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.