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

Serve Robotics Inc. (NASDAQ:SERV)’s stock price was down 4.9% during mid-day trading on Monday following insider selling activity. The stock traded as low as $15.15 and last traded at $15.49. Approximately 3,797,894 shares traded hands during mid-day trading, a decline of 60% from the average daily volume of 9,454,103 shares. The stock had previously closed at $16.29.

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

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. 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 on the stock. Northland Securities started coverage on Serve Robotics in a research report on Friday, October 18th. They issued an “outperform” rating and a $16.00 target price for the company. Northland Capmk raised shares of Serve Robotics to a “strong-buy” rating in a report on Friday, October 18th. Finally, Seaport Res Ptn upgraded shares of Serve Robotics to a “strong-buy” rating in a research note 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Strong Buy” and a consensus target price of $16.00.

Serve Robotics Stock Down 6.0 %

The stock has a fifty day moving average price of $10.83 and a 200-day moving average price of $8.82.

Institutional Trading of Serve Robotics

Large investors have recently bought and sold shares of the stock. Larson Financial Group LLC bought a new position in shares of Serve Robotics during the third quarter valued at $26,000. Bfsg LLC acquired a new stake in shares of Serve Robotics during the 3rd quarter worth about $38,000. Gordian Capital Singapore Pte Ltd bought a new position in Serve Robotics during the 3rd quarter valued at about $68,000. Quantum Private Wealth LLC acquired a new position in Serve Robotics in the third quarter valued at about $80,000. Finally, PFG Investments LLC bought a new stake in Serve Robotics during the second quarter worth about $110,000.

About Serve Robotics

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.