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

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

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

Wall Street Analysts Forecast Growth

A number of analysts recently commented on SERV shares. Seaport Res Ptn raised shares of Serve Robotics to a “strong-buy” rating in a report on Monday, October 7th. 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 shares of Serve Robotics to a “strong-buy” rating in a research note on Friday, October 18th. Finally, 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 target price on the stock. Two analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Serve Robotics currently has an average rating of “Strong Buy” and a consensus price target of $16.00.

Serve Robotics Trading Down 4.0 %

The business has a 50 day simple moving average of $10.41 and a two-hundred day simple moving average of $8.54.

Hedge Funds Weigh In On Serve Robotics

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