Serve Robotics (NASDAQ:SERV) Shares Gap Down on Insider Selling

Serve Robotics Inc. (NASDAQ:SERV)’s stock price gapped down prior to trading on Wednesday after an insider sold shares in the company. The stock had previously closed at $16.68, but opened at $16.30. Serve Robotics shares last traded at $15.98, with a volume of 3,238,083 shares trading hands.

Specifically, CEO Ali Kashani sold 22,500 shares of Serve Robotics 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 sale, the chief executive officer now owns 3,306,998 shares in the company, valued at $49,373,480.14. This trade represents a 0.68 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Ali Kashani sold 2,500 shares of the business’s stock in a transaction 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 in the company, valued at $41,552,135.04. This represents a 0.08 % decrease in their position. The disclosure for this sale can be found here.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on SERV. Northland Capmk raised Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. Seaport Res Ptn upgraded 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 for the company. Finally, Northland Securities assumed coverage on shares of Serve Robotics in a research note on Friday, October 18th. They issued an “outperform” rating and a $16.00 price target for the company. Two equities research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat, Serve Robotics currently has a consensus rating of “Strong Buy” and an average price target of $16.00.

Serve Robotics Stock Down 5.5 %

The stock has a 50 day moving average of $10.06 and a 200 day moving average of $8.22.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Larson Financial Group LLC acquired a new position in shares of Serve Robotics in the 3rd quarter valued at about $26,000. Bfsg LLC bought a new position in shares of Serve Robotics during the third quarter valued at approximately $38,000. Gordian Capital Singapore Pte Ltd bought a new position in shares of Serve Robotics during the third quarter valued at approximately $68,000. Quantum Private Wealth LLC acquired a new stake in shares of Serve Robotics during the 3rd quarter worth approximately $80,000. Finally, PFG Investments LLC bought a new stake in shares of Serve Robotics in the 2nd quarter worth approximately $110,000.

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.