Serve Robotics (NASDAQ:SERV) Trading Down 0.7% After Insider Selling

Serve Robotics Inc. (NASDAQ:SERV)’s share price was down 0.7% during mid-day trading on Monday following insider selling activity. The company traded as low as $8.68 and last traded at $8.95. Approximately 2,229,003 shares traded hands during trading, a decline of 82% from the average daily volume of 12,244,363 shares. The stock had previously closed at $9.01.

Specifically, CEO Ali Kashani sold 3,713 shares of Serve Robotics stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $9.21, for a total transaction of $34,196.73. Following the transaction, the chief executive officer now directly owns 3,225,852 shares of the company’s stock, valued at $29,710,096.92. The trade was a 0.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Analyst Ratings Changes

Separately, Northland Securities set a $23.00 target price on shares of Serve Robotics in a research note on Tuesday, February 18th. Two equities research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Strong Buy” and a consensus price target of $19.50.

Serve Robotics Stock Performance

The business’s 50-day simple moving average is $16.02 and its two-hundred day simple moving average is $11.79.

Institutional Investors Weigh In On Serve Robotics

A number of institutional investors have recently made changes to their positions in SERV. Larson Financial Group LLC acquired a new stake in shares of Serve Robotics during the third quarter valued at about $26,000. Blue Trust Inc. acquired a new stake in shares of Serve Robotics during the fourth quarter valued at about $27,000. CIBC Private Wealth Group LLC acquired a new stake in shares of Serve Robotics during the fourth quarter valued at about $34,000. Bogart Wealth LLC acquired a new stake in shares of Serve Robotics during the fourth quarter valued at about $37,000. Finally, Gordian Capital Singapore Pte Ltd acquired a new stake in shares of Serve Robotics during the third quarter valued at about $68,000.

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.