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

Serve Robotics Inc. (NASDAQ:SERV)’s share price traded down 8.8% during mid-day trading on Monday after an insider sold shares in the company. The stock traded as low as $13.07 and last traded at $13.32. 5,462,877 shares changed hands during trading, a decline of 42% from the average session volume of 9,439,242 shares. The stock had previously closed at $14.61.

Specifically, CEO Ali Kashani sold 2,500 shares of the business’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 sale, the chief executive officer now owns 3,295,990 shares of the company’s stock, valued at $48,451,053. The trade was a 0.08 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Ali Kashani sold 22,500 shares of the stock in a transaction dated Monday, December 16th. The stock was 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 directly owns 3,306,998 shares in the company, valued at approximately $49,373,480.14. The trade was a 0.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other news, CEO Ali Kashani sold 2,500 shares of the business’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $12.48, for a total transaction of $31,200.00. Following the completion of the transaction, the chief executive officer now directly owns 3,329,498 shares in the company, valued at $41,552,135.04. The trade was a 0.08 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Wall Street Analysts Forecast Growth

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

Serve Robotics Stock Performance

The stock has a 50 day moving average price of $10.41 and a 200-day moving average price of $8.54.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Tidal Investments LLC bought a new stake in Serve Robotics during the 3rd quarter valued at $262,000. Geode Capital Management LLC grew its stake in shares of Serve Robotics by 128.1% in the third quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock worth $1,041,000 after purchasing an additional 73,496 shares during the last quarter. Gordian Capital Singapore Pte Ltd bought a new position in Serve Robotics during the 3rd quarter valued at approximately $68,000. State Street Corp bought a new position in Serve Robotics during the 3rd quarter valued at approximately $333,000. Finally, Quadrature Capital Ltd bought a new stake in shares of Serve Robotics in the 3rd quarter worth approximately $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.