Serve Robotics (NASDAQ:SERV) Shares Down 16.9% After Insider Selling

Serve Robotics Inc. (NASDAQ:SERV)’s share price fell 16.9% on Tuesday after an insider sold shares in the company. The stock traded as low as $17.75 and last traded at $19.03. 13,598,317 shares traded hands during mid-day trading, a decline of 19% from the average session volume of 16,769,119 shares. The stock had previously closed at $22.89.

Specifically, CEO Ali Kashani sold 37,500 shares of the business’s 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 transaction, the chief executive officer now owns 3,230,990 shares in the company, valued at $68,367,748.40. The trade was a 1.15 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Ali Kashani sold 7,500 shares of the company’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $17.23, for a total value of $129,225.00. Following the transaction, the chief executive officer now directly owns 3,268,490 shares of the company’s stock, valued at $56,316,082.70. The trade was a 0.23 % decrease in their position. The disclosure for this sale can be found here.

Analysts Set New Price Targets

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

Serve Robotics Stock Down 9.7 %

The business has a fifty day simple moving average of $11.86 and a 200-day simple moving average of $9.60.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of SERV. Yong Rong HK Asset Management Ltd bought a new position in shares of Serve Robotics during the third quarter valued at $9,636,000. Thomist Capital Management LP bought a new stake in Serve Robotics during the 2nd quarter valued at about $407,000. Geode Capital Management LLC raised its holdings in Serve Robotics by 128.1% in the third quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock worth $1,041,000 after buying an additional 73,496 shares during the last quarter. PFG Investments LLC bought a new position in shares of Serve Robotics in the second quarter worth approximately $110,000. Finally, State Street Corp purchased a new stake in shares of Serve Robotics during the third quarter valued at 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.