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

Serve Robotics Inc. (NASDAQ:SERV)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $21.10, but opened at $20.31. Serve Robotics shares last traded at $20.60, with a volume of 969,474 shares.

Wall Street Analyst Weigh In

SERV has been the subject of several recent analyst reports. LADENBURG THALM/SH SH assumed coverage on shares of Serve Robotics in a research note on Monday, October 28th. They issued a “buy” rating and a $16.00 target price for the company. Northland Capmk upgraded shares of Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. Finally, Northland Securities boosted their target price on Serve Robotics from $16.00 to $23.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 15th. Two analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. According to MarketBeat.com, Serve Robotics has an average rating of “Strong Buy” and an average price target of $19.50.

Serve Robotics Stock Down 6.9 %

The company’s 50 day moving average is $15.79 and its 200 day moving average is $11.89.

Insiders Place Their Bets

In other Serve Robotics news, Director James Buckly Jordan sold 64,408 shares of the firm’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $8.57, for a total transaction 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 trade represents a 12.54 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ali Kashani sold 37,500 shares of the firm’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 transaction of $793,500.00. Following the sale, the chief executive officer now owns 3,230,990 shares in the company, valued at approximately $68,367,748.40. This trade represents a 1.15 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 253,027 shares of company stock worth $3,309,166. Insiders own 21.40% of the company’s stock.

Institutional Trading of Serve Robotics

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Yong Rong HK Asset Management Ltd purchased a new stake in Serve Robotics during the third quarter valued at about $9,636,000. Exchange Traded Concepts LLC purchased a new stake in shares of Serve Robotics during the 4th quarter worth about $9,066,000. Raymond James Financial Inc. acquired a new stake in Serve Robotics during the 4th quarter worth approximately $1,978,000. Geode Capital Management LLC raised its holdings in Serve Robotics by 128.1% in the third quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock valued at $1,041,000 after buying an additional 73,496 shares during the period. Finally, Harbour Capital Advisors LLC lifted its holdings in shares of Serve Robotics by 102.4% during the 4th quarter. Harbour Capital Advisors LLC now owns 50,365 shares of the company’s stock valued at $680,000 after acquiring an additional 25,475 shares in the last quarter.

Serve Robotics Company Profile

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.