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

Serve Robotics Inc. (NASDAQ:SERV)’s share price fell 10.6% during trading on Wednesday following insider selling activity. The company 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 firm’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $21.16, for a total transaction of $793,500.00. Following the sale, the chief executive officer now owns 3,230,990 shares of the company’s stock, valued at $68,367,748.40. This trade represents a 1.15 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Ali Kashani sold 7,500 shares of the company’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $17.23, for a total value of $129,225.00. Following the completion of the transaction, the chief executive officer now directly owns 3,268,490 shares of the company’s stock, valued at $56,316,082.70. This represents a 0.23 % decrease in their position. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

Several analysts recently weighed in on SERV shares. Seaport Res Ptn raised shares of Serve Robotics to a “strong-buy” rating in a research note on Monday, October 7th. Northland Capmk upgraded Serve Robotics to a “strong-buy” rating in a report on Friday, October 18th. Northland Securities initiated coverage on shares of Serve Robotics in a report on Friday, October 18th. They issued an “outperform” rating and a $16.00 price target for the company. Finally, 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 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. Based on data from MarketBeat.com, the stock has a consensus rating of “Strong Buy” and an average price target of $16.00.

Serve Robotics Stock Performance

The business has a 50 day simple moving average of $11.99 and a 200-day simple moving average of $9.65.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Yong Rong HK Asset Management Ltd purchased a new position in Serve Robotics during the 3rd quarter worth $9,636,000. Thomist Capital Management LP bought a new position in shares of Serve Robotics during the 2nd quarter valued at approximately $407,000. Geode Capital Management LLC raised its holdings in shares of Serve Robotics by 128.1% in the 3rd 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 period. PFG Investments LLC purchased a new stake in Serve Robotics in the second quarter worth $110,000. Finally, State Street Corp bought a new stake in shares of Serve Robotics in the third quarter valued at $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.