Serve Robotics (NASDAQ:SERV) Shares Gap Down – What’s Next?

Serve Robotics Inc. (NASDAQ:SERV)’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 changing hands.

Analyst Ratings Changes

SERV has been the topic of a number of recent analyst reports. Northland Capmk raised shares of Serve Robotics to a “strong-buy” rating in a research note on Friday, October 18th. LADENBURG THALM/SH SH assumed coverage on shares of Serve Robotics in a research report on Monday, October 28th. They set a “buy” rating and a $16.00 target price on the stock. Northland Securities began coverage on shares of Serve Robotics in a report on Friday, October 18th. They issued an “outperform” rating and a $16.00 target price for the company. Finally, Seaport Res Ptn raised Serve Robotics to a “strong-buy” rating in a research note on Monday, October 7th. 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 an average rating of “Strong Buy” and a consensus target price of $16.00.

Serve Robotics Price Performance

The firm’s fifty day simple moving average is $12.40 and its 200-day simple moving average is $10.07.

Insider Buying and Selling at Serve Robotics

In other Serve Robotics news, COO Touraj Parang sold 50,000 shares of Serve Robotics stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $12.99, for a total value of $649,500.00. Following the completion of the sale, the chief operating officer now 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Ali Kashani sold 9,719 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $8.77, for a total transaction of $85,235.63. Following the transaction, the chief executive officer now directly 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 position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 253,027 shares of company stock worth $3,309,166. 21.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Yong Rong HK Asset Management Ltd acquired a new stake in Serve Robotics during the 3rd quarter worth approximately $9,636,000. Thomist Capital Management LP acquired a new stake in shares of Serve Robotics during the second quarter valued at about $407,000. Geode Capital Management LLC increased its position in shares of Serve Robotics by 128.1% during the third quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock worth $1,041,000 after acquiring an additional 73,496 shares during the last quarter. State Street Corp acquired a new position in shares of Serve Robotics in the third quarter worth about $333,000. Finally, Tidal Investments LLC acquired a new stake in Serve Robotics during the 3rd quarter valued at approximately $262,000.

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.