Serve Robotics (NASDAQ:SERV) Stock Price Down 4.9% on Insider Selling

Serve Robotics Inc. (NASDAQ:SERV)’s share price traded down 4.9% during mid-day trading on Monday after an insider sold shares in the company. The company traded as low as $15.15 and last traded at $15.49. 3,797,894 shares traded hands during mid-day 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 the firm’s stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $16.50, for a total value of $123,750.00. Following the sale, the chief executive officer now directly owns 3,283,490 shares of the company’s stock, valued at $54,177,585. This trade represents a 0.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Ali Kashani sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $14.55, for a total value of $72,750.00. Following the transaction, the chief executive officer now directly owns 3,290,990 shares of the company’s stock, valued at $47,883,904.50. The trade was a 0.15 % decrease in their position. The disclosure for this sale can be found here.

Analyst Ratings Changes

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

Serve Robotics Stock Down 6.3 %

The company has a 50 day moving average of $10.83 and a two-hundred day moving average of $8.82.

Institutional Trading of Serve Robotics

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Yong Rong HK Asset Management Ltd purchased a new position in Serve Robotics during the 3rd quarter valued at about $9,636,000. Thomist Capital Management LP bought a new position in shares of Serve Robotics during the second quarter valued at approximately $407,000. Geode Capital Management LLC lifted its holdings 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 valued at $1,041,000 after purchasing an additional 73,496 shares during the last quarter. PFG Investments LLC bought a new stake in shares of Serve Robotics in the 2nd quarter worth approximately $110,000. Finally, State Street Corp purchased a new stake in shares of Serve Robotics in the 3rd quarter worth 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.