Serve Robotics (NASDAQ:SERV) Stock Price Down 4.9% Following Insider Selling

Serve Robotics Inc. (NASDAQ:SERV) shares fell 4.9% during mid-day trading on Monday after an insider sold shares in the company. The company traded as low as $15.15 and last traded at $15.49. 3,797,894 shares traded hands during trading, a decline of 60% from the average session volume of 9,454,103 shares. The stock had previously closed at $16.29.

Specifically, CEO Ali Kashani sold 7,500 shares of the business’s stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $16.50, for a total transaction of $123,750.00. Following the completion of the transaction, the chief executive officer now owns 3,283,490 shares of the company’s stock, valued at approximately $54,177,585. The trade was a 0.23 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ali Kashani sold 5,000 shares of the stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $14.55, for a total transaction of $72,750.00. Following the completion of the sale, the chief executive officer now owns 3,290,990 shares in the company, valued at $47,883,904.50. This represents a 0.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analysts Set New Price Targets

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

Serve Robotics Trading Down 6.3 %

The company’s fifty day moving average is $10.83 and its 200 day moving average is $8.82.

Institutional Trading of Serve Robotics

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

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.