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

Serve Robotics Inc. (NASDAQ:SERV)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $22.89, but opened at $19.51. Serve Robotics shares last traded at $19.89, with a volume of 6,509,854 shares traded.

Wall Street Analyst Weigh In

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

Serve Robotics Stock Down 16.9 %

The stock’s 50 day moving average is $11.61 and its two-hundred day moving average is $9.43.

Insider Transactions at Serve Robotics

In other news, COO Touraj Parang sold 50,000 shares of the business’s stock in a transaction that occurred on 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 in the company, valued at $15,113,072.61. The trade was a 4.12 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Ali Kashani sold 9,719 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $8.77, for a total value of $85,235.63. Following the completion of the sale, the chief executive officer now owns 3,355,238 shares of the company’s stock, valued at $29,425,437.26. This trade represents a 0.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 207,462 shares of company stock valued at $2,375,472 over the last ninety days. 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 modified their holdings of SERV. PFG Investments LLC acquired a new position in shares of Serve Robotics during the 2nd quarter valued at about $110,000. Thomist Capital Management LP acquired a new position in Serve Robotics in the 2nd quarter valued at about $407,000. Bfsg LLC purchased a new stake in shares of Serve Robotics in the 3rd quarter valued at approximately $38,000. Harbour Capital Advisors LLC acquired a new stake in shares of Serve Robotics during the 3rd quarter worth approximately $198,000. Finally, Yong Rong HK Asset Management Ltd purchased a new stake in shares of Serve Robotics during the 3rd quarter valued at approximately $9,636,000.

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.