Serve Robotics (NASDAQ:SERV) Shares Gap Down – Should You Sell?

Serve Robotics Inc. (NASDAQ:SERV)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $13.85, but opened at $13.33. Serve Robotics shares last traded at $12.19, with a volume of 6,975,424 shares traded.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. LADENBURG THALM/SH SH started coverage on Serve Robotics in a report on Monday, October 28th. They issued a “buy” rating and a $16.00 price objective for the company. Northland Securities boosted their price target on Serve Robotics from $16.00 to $23.00 and gave the company an “outperform” rating in a report on Wednesday, January 15th. Two research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Strong Buy” and a consensus price target of $19.50.

Serve Robotics Stock Down 1.9 %

The stock’s fifty day simple moving average is $16.54 and its 200-day simple moving average is $11.93.

Insider Buying and Selling

In other news, CEO Ali Kashani sold 31,791 shares of the business’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $11.39, for a total transaction of $362,099.49. Following the completion of the transaction, the chief executive officer now owns 3,346,998 shares of the company’s stock, valued at approximately $38,122,307.22. The trade was a 0.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, COO Touraj Parang sold 50,000 shares of the stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $12.99, for a total transaction of $649,500.00. Following the completion of the sale, the chief operating officer now directly owns 1,163,439 shares in the company, valued at approximately $15,113,072.61. This trade represents a 4.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 185,793 shares of company stock worth $2,733,515 in the last three months. 21.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Serve Robotics

A number of hedge funds have recently made changes to their positions in SERV. Blue Trust Inc. acquired a new stake in Serve Robotics in the 4th quarter valued at approximately $27,000. CIBC Private Wealth Group LLC acquired a new position in Serve Robotics during the 4th quarter worth $34,000. Bogart Wealth LLC bought a new position in shares of Serve Robotics in the fourth quarter worth $37,000. Larson Financial Group LLC acquired a new position in shares of Serve Robotics during the third quarter valued at $26,000. Finally, Jefferies Financial Group Inc. raised its stake in shares of Serve Robotics by 30.3% during the fourth quarter. Jefferies Financial Group Inc. now owns 17,200 shares of the company’s stock valued at $232,000 after purchasing an additional 4,000 shares in the last quarter.

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.