Serve Robotics (NASDAQ:SERV) Shares Down 8.8% on Insider Selling

Serve Robotics Inc. (NASDAQ:SERV) traded down 8.8% on Monday following insider selling activity. The stock traded as low as $13.07 and last traded at $13.32. 5,462,877 shares were traded during trading, a decline of 42% from the average session volume of 9,439,242 shares. The stock had previously closed at $14.61.

Specifically, CEO Ali Kashani sold 2,500 shares of the business’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $14.70, for a total transaction of $36,750.00. Following the completion of the sale, the chief executive officer now owns 3,295,990 shares of the company’s stock, valued at approximately $48,451,053. The trade was a 0.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ali Kashani sold 22,500 shares of Serve Robotics stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $14.93, for a total value of $335,925.00. Following the completion of the transaction, the chief executive officer now directly owns 3,306,998 shares in the company, valued at $49,373,480.14. This represents a 0.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In related news, CEO Ali Kashani sold 2,500 shares of the stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $12.48, for a total transaction of $31,200.00. Following the completion of the sale, the chief executive officer now owns 3,329,498 shares of the company’s stock, valued at approximately $41,552,135.04. This represents a 0.08 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Analysts Set New Price Targets

SERV has been the subject of several recent research reports. Northland Securities initiated coverage on shares of Serve Robotics in a research report on Friday, October 18th. They issued an “outperform” rating and a $16.00 price objective for the company. LADENBURG THALM/SH SH initiated coverage on Serve Robotics in a research report on Monday, October 28th. They issued a “buy” rating and a $16.00 price objective on the stock. Northland Capmk raised Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. Finally, Seaport Res Ptn upgraded Serve Robotics to a “strong-buy” rating in a report on Monday, October 7th. 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 presently has an average rating of “Strong Buy” and a consensus target price of $16.00.

Serve Robotics Trading Down 4.0 %

The stock’s fifty day moving average is $10.41 and its two-hundred day moving average is $8.54.

Hedge Funds Weigh In On Serve Robotics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. PFG Investments LLC purchased a new position in shares of Serve Robotics during the 2nd quarter valued at approximately $110,000. Thomist Capital Management LP bought a new position in shares of Serve Robotics during the second quarter worth about $407,000. Bfsg LLC bought a new position in Serve Robotics in the 3rd quarter worth about $38,000. Harbour Capital Advisors LLC acquired a new stake in shares of Serve Robotics in the third quarter valued at approximately $198,000. Finally, Yong Rong HK Asset Management Ltd bought a new stake in shares of Serve Robotics during the third quarter valued at approximately $9,636,000.

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.