Serve Robotics (NASDAQ:SERV) Shares Down 10.6% on Insider Selling

Serve Robotics Inc. (NASDAQ:SERV)’s stock price traded down 10.6% during trading on Wednesday after an insider sold shares in the company. The company traded as low as $16.20 and last traded at $16.64. 6,129,059 shares were traded during mid-day trading, a decline of 63% from the average session volume of 16,632,645 shares. The stock had previously closed at $18.61.

Specifically, CEO Ali Kashani sold 37,500 shares of the firm’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $21.16, for a total value of $793,500.00. Following the completion of the sale, the chief executive officer now directly owns 3,230,990 shares of the company’s stock, valued at $68,367,748.40. This trade represents a 1.15 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Ali Kashani sold 7,500 shares of the stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $17.23, for a total value of $129,225.00. Following the transaction, the chief executive officer now 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.

Analyst Upgrades and Downgrades

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

Serve Robotics Stock Performance

The company has a 50 day simple moving average of $11.86 and a 200-day simple moving average of $9.60.

Institutional Trading of Serve Robotics

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

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.