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

Serve Robotics Inc. (NASDAQ:SERV)’s stock price fell 10.6% 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 stock in a transaction dated 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 approximately $68,367,748.40. This represents a 1.15 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Ali Kashani sold 7,500 shares of the company’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $17.23, for a total value of $129,225.00. Following the sale, the chief executive officer now owns 3,268,490 shares in the company, valued at approximately $56,316,082.70. This represents a 0.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analysts Set New Price Targets

SERV has been the subject of a number of analyst reports. LADENBURG THALM/SH SH initiated coverage on shares of Serve Robotics in a research report on Monday, October 28th. They issued a “buy” rating and a $16.00 price objective for the company. Northland Securities initiated coverage on shares of Serve Robotics in a research report on Friday, October 18th. They set an “outperform” rating and a $16.00 price target for the company. Seaport Res Ptn upgraded Serve Robotics to a “strong-buy” rating in a research report on Monday, October 7th. Finally, Northland Capmk upgraded Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. Two investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Strong Buy” and a consensus target price of $16.00.

Serve Robotics Price Performance

The firm’s 50-day moving average is $11.99 and its 200-day moving average is $9.65.

Hedge Funds Weigh In On Serve Robotics

Large investors have recently modified their holdings of the company. Larson Financial Group LLC bought a new position in Serve Robotics during the third quarter valued at approximately $26,000. Bfsg LLC bought a new stake in Serve Robotics in the third quarter worth $38,000. Gordian Capital Singapore Pte Ltd purchased a new stake in Serve Robotics during the third quarter valued at about $68,000. Quantum Private Wealth LLC bought a new position in shares of Serve Robotics during the third quarter valued at about $80,000. Finally, Quadrature Capital Ltd purchased a new position in Serve Robotics in the 3rd quarter worth approximately $148,000.

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.