Serve Robotics (NASDAQ:SERV) Shares Down 7.1% Following Insider Selling

Serve Robotics Inc. (NASDAQ:SERV) shares traded down 7.1% on Friday after an insider sold shares in the company. The company traded as low as $16.01 and last traded at $16.39. 5,596,455 shares changed hands during mid-day trading, a decline of 41% from the average session volume of 9,467,164 shares. The stock had previously closed at $17.64.

Specifically, CEO Ali Kashani sold 7,500 shares of the company’s stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $16.50, for a total transaction of $123,750.00. Following the completion of the transaction, the chief executive officer now directly owns 3,283,490 shares in the company, valued at approximately $54,177,585. This represents a 0.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Ali Kashani sold 5,000 shares of Serve Robotics stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $14.55, for a total transaction of $72,750.00. Following the completion of the sale, the chief executive officer now owns 3,290,990 shares in the company, valued at approximately $47,883,904.50. This trade represents a 0.15 % 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 dated Friday, December 20th. The shares were sold at an average price of $14.70, for a total value of $36,750.00. Following the transaction, the chief executive officer now directly owns 3,295,990 shares of the company’s stock, valued at approximately $48,451,053. This trade represents a 0.08 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Analyst Ratings Changes

SERV has been the topic of several research reports. Northland Securities started coverage on Serve Robotics in a research report on Friday, October 18th. They issued an “outperform” rating and a $16.00 target price on the stock. Northland Capmk upgraded Serve Robotics to a “strong-buy” rating in a report on Friday, October 18th. Seaport Res Ptn raised shares of Serve Robotics to a “strong-buy” rating in a report on Monday, October 7th. Finally, LADENBURG THALM/SH SH assumed coverage on shares of Serve Robotics in a research note on Monday, October 28th. They issued a “buy” rating and a $16.00 price target on the stock. Two analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Serve Robotics has an average rating of “Strong Buy” and a consensus target price of $16.00.

Serve Robotics Stock Performance

The stock has a 50-day moving average of $10.83 and a 200 day moving average of $8.78.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SERV. Yong Rong HK Asset Management Ltd acquired a new stake in Serve Robotics during the third quarter worth about $9,636,000. Thomist Capital Management LP purchased a new stake in shares of Serve Robotics in the 2nd quarter valued at approximately $407,000. Geode Capital Management LLC increased its holdings in shares of Serve Robotics by 128.1% during the 3rd quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock worth $1,041,000 after buying 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 approximately $110,000. Finally, State Street Corp acquired a new position in Serve Robotics in the third quarter valued at approximately $333,000.

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.