Serve Robotics (NASDAQ:SERV) Shares Down 10.6% Following Insider Selling

Serve Robotics Inc. (NASDAQ:SERV) shares fell 10.6% 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 mid-day 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 company’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $21.16, for a total value of $793,500.00. Following the transaction, the chief executive officer now owns 3,230,990 shares in the company, valued at $68,367,748.40. The trade was a 1.15 % 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 7,500 shares of the firm’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $17.23, for a total transaction of $129,225.00. Following the sale, the chief executive officer now owns 3,268,490 shares of the company’s stock, valued at approximately $56,316,082.70. This represents a 0.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analysts Set New Price Targets

SERV has been the topic of a number of recent analyst reports. LADENBURG THALM/SH SH began coverage on shares of Serve Robotics in a report on Monday, October 28th. They set a “buy” rating and a $16.00 price target on the stock. 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 on the stock. Seaport Res Ptn raised Serve Robotics to a “strong-buy” rating in a report on Monday, October 7th. Finally, Northland Capmk raised Serve Robotics to a “strong-buy” rating in a report on Friday, October 18th. Two investment analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Strong Buy” and an average target price of $16.00.

Serve Robotics Trading Down 10.6 %

The firm’s fifty day moving average price is $11.75 and its two-hundred day moving average price is $9.55.

Institutional Investors Weigh In On Serve Robotics

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