Serve Robotics (NASDAQ:SERV) Shares Down 4.9% After Insider Selling

Shares of Serve Robotics Inc. (NASDAQ:SERV) traded down 4.9% during trading on Monday following insider selling activity. The company traded as low as $15.15 and last traded at $15.49. 3,797,894 shares changed hands during trading, a decline of 60% from the average session volume of 9,454,103 shares. The stock had previously closed at $16.29.

Specifically, CEO Ali Kashani sold 7,500 shares of Serve Robotics stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $16.50, for a total value of $123,750.00. Following the completion of the sale, the chief executive officer now directly owns 3,283,490 shares in the company, valued at $54,177,585. The trade was a 0.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ali Kashani sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 24th. The stock was 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 directly owns 3,290,990 shares of the company’s stock, valued at $47,883,904.50. This represents a 0.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

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

Serve Robotics Stock Down 6.0 %

The firm’s fifty day moving average is $10.83 and its 200 day moving average is $8.82.

Institutional Investors Weigh In On Serve Robotics

Several hedge funds and other institutional investors have recently made changes to their positions in SERV. Yong Rong HK Asset Management Ltd bought a new stake in Serve Robotics during the 3rd quarter valued at approximately $9,636,000. Thomist Capital Management LP bought a new stake in shares of Serve Robotics in the second quarter valued at approximately $407,000. PFG Investments LLC bought a new stake in shares of Serve Robotics in the second quarter valued at approximately $110,000. Bfsg LLC acquired a new stake in shares of Serve Robotics in the third quarter worth $38,000. Finally, GSA Capital Partners LLP bought a new position in Serve Robotics during the third quarter worth $152,000.

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.