Serve Robotics (NASDAQ:SERV) Stock Price Down 10.6% After Insider Selling

Serve Robotics Inc. (NASDAQ:SERV) traded down 10.6% on Wednesday after an insider sold shares in the company. The stock traded as low as $16.20 and last traded at $16.64. 6,129,059 shares traded hands during mid-day trading, a decline of 63% from the average session volume of 16,632,645 shares. The stock had previously closed at $18.61.

Specifically, CEO Ali Kashani sold 37,500 shares of the firm’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $21.16, for a total value of $793,500.00. Following the sale, the chief executive officer now owns 3,230,990 shares of the company’s stock, valued at $68,367,748.40. This trade represents a 1.15 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ali Kashani sold 7,500 shares of the stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $17.23, for a total transaction of $129,225.00. Following the sale, the chief executive officer now owns 3,268,490 shares of the company’s stock, valued at approximately $56,316,082.70. This represents a 0.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Seaport Res Ptn raised Serve Robotics to a “strong-buy” rating in a research report on Monday, October 7th. Northland Securities assumed coverage on Serve Robotics in a research note on Friday, October 18th. They issued an “outperform” rating and a $16.00 price target for the company. LADENBURG THALM/SH SH began coverage on shares of Serve Robotics in a research report on Monday, October 28th. They set a “buy” rating and a $16.00 price objective on the stock. Finally, Northland Capmk raised shares of Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. Two research 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, the stock presently has a consensus rating of “Strong Buy” and a consensus price target of $16.00.

Serve Robotics Stock Performance

The company has a 50-day moving average of $11.75 and a two-hundred day moving average of $9.55.

Institutional Trading of Serve Robotics

A number of hedge funds have recently modified their holdings of SERV. PFG Investments LLC purchased a new position in Serve Robotics during the 2nd quarter valued at about $110,000. Thomist Capital Management LP purchased a new position in shares of Serve Robotics during the second quarter valued at approximately $407,000. Bfsg LLC purchased a new position in shares of Serve Robotics during the third quarter valued at approximately $38,000. Harbour Capital Advisors LLC bought a new stake in shares of Serve Robotics in the 3rd quarter worth approximately $198,000. Finally, Yong Rong HK Asset Management Ltd purchased a new stake in shares of Serve Robotics in the 3rd quarter worth approximately $9,636,000.

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.