Serve Robotics (NASDAQ:SERV) Shares Down 16.9% Following Insider Selling

Shares of Serve Robotics Inc. (NASDAQ:SERV) dropped 16.9% on Tuesday following insider selling activity. The company traded as low as $17.75 and last traded at $19.03. Approximately 13,598,317 shares changed hands during mid-day trading, a decline of 19% from the average daily volume of 16,769,119 shares. The stock had previously closed at $22.89.

Specifically, CEO Ali Kashani sold 37,500 shares of the company’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $21.16, for a total transaction 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 $68,367,748.40. This represents a 1.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Ali Kashani sold 7,500 shares of Serve Robotics stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $17.23, for a total value of $129,225.00. Following the completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here.

Analyst Upgrades and Downgrades

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

Serve Robotics Stock Performance

The company’s 50-day moving average price is $11.86 and its 200 day moving average price is $9.60.

Institutional Trading of Serve Robotics

Large investors have recently added to or reduced their stakes in the business. Yong Rong HK Asset Management Ltd bought a new stake in shares of Serve Robotics during the 3rd quarter valued at $9,636,000. Thomist Capital Management LP purchased a new position in Serve Robotics during the second quarter valued at $407,000. Geode Capital Management LLC grew its holdings in Serve Robotics by 128.1% during the third quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock valued at $1,041,000 after purchasing an additional 73,496 shares during the period. PFG Investments LLC bought a new stake in Serve Robotics during the second quarter valued at about $110,000. Finally, State Street Corp bought a new position in shares of Serve Robotics in the third quarter worth about $333,000.

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.