Serve Robotics (NASDAQ:SERV) Stock Price Down 16.9% on Insider Selling

Serve Robotics Inc. (NASDAQ:SERV)’s stock price traded down 16.9% during mid-day trading 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 changed hands during 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 that occurred 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 transaction, the chief executive officer now directly owns 3,230,990 shares of the company’s stock, valued at approximately $68,367,748.40. The trade was a 1.15 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ali Kashani sold 7,500 shares of the firm’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $17.23, for a total transaction of $129,225.00. Following the transaction, the chief executive officer now directly owns 3,268,490 shares in the company, valued at $56,316,082.70. The trade was a 0.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the stock. Northland Capmk raised shares of Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. LADENBURG THALM/SH SH began coverage on Serve Robotics in a research report on Monday, October 28th. They issued a “buy” rating and a $16.00 target price 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 price target on the stock. Finally, Seaport Res Ptn raised shares of Serve Robotics to a “strong-buy” rating in a 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 company’s stock. According to MarketBeat, Serve Robotics currently has an average rating of “Strong Buy” and a consensus target price of $16.00.

Serve Robotics Price Performance

The business’s fifty day moving average price is $11.86 and its 200-day moving average price is $9.60.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of SERV. Larson Financial Group LLC purchased a new stake in Serve Robotics during the third quarter valued at about $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 stake in shares of Serve Robotics during the 3rd quarter valued at about $68,000. Quantum Private Wealth LLC bought a new stake in Serve Robotics during the 3rd quarter worth approximately $80,000. Finally, Quadrature Capital Ltd bought a new stake in shares of Serve Robotics in the third quarter worth about $148,000.

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.