Serve Robotics (NASDAQ:SERV) Shares Gap Down – Here’s What Happened

Shares of Serve Robotics Inc. (NASDAQ:SERV) gapped down prior to trading on Tuesday . The stock had previously closed at $13.85, but opened at $13.33. Serve Robotics shares last traded at $12.19, with a volume of 6,975,424 shares.

Wall Street Analyst Weigh In

SERV has been the subject of a number of research reports. LADENBURG THALM/SH SH initiated coverage on shares of Serve Robotics in a research note on Monday, October 28th. They issued a “buy” rating and a $16.00 price target for the company. Northland Securities upped their price target on shares of Serve Robotics from $16.00 to $23.00 and gave the company an “outperform” rating in a report on Wednesday, January 15th. Two investment 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 an average rating of “Strong Buy” and a consensus price target of $19.50.

Serve Robotics Price Performance

The company’s fifty day simple moving average is $16.52 and its 200 day simple moving average is $11.92.

Insiders Place Their Bets

In other news, Director James Buckly Jordan sold 64,408 shares of the company’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $8.57, for a total value of $551,976.56. Following the sale, the director now directly owns 449,052 shares of the company’s stock, valued at $3,848,375.64. This represents a 12.54 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ali Kashani sold 9,719 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $8.77, for a total transaction of $85,235.63. Following the sale, the chief executive officer now directly owns 3,355,238 shares in the company, valued at $29,425,437.26. This trade represents a 0.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 251,555 shares of company stock worth $3,297,405. 21.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Serve Robotics

Several institutional investors have recently bought and sold shares of the company. Uber Technologies Inc purchased a new stake in Serve Robotics during the 4th quarter valued at about $71,534,000. Vanguard Group Inc. grew its position in Serve Robotics by 74.6% during the 4th quarter. Vanguard Group Inc. now owns 1,274,303 shares of the company’s stock valued at $17,203,000 after purchasing an additional 544,537 shares during the last quarter. Yong Rong HK Asset Management Ltd purchased a new stake in Serve Robotics during the 3rd quarter valued at about $9,636,000. Exchange Traded Concepts LLC purchased a new stake in Serve Robotics during the 4th quarter valued at about $9,066,000. Finally, Legal & General Group Plc bought a new position in Serve Robotics during the 4th quarter valued at about $6,629,000.

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.