Serve Robotics (NASDAQ:SERV) Shares Down 0.7% Following Insider Selling

Serve Robotics Inc. (NASDAQ:SERV)’s share price fell 0.7% during trading on Monday after an insider sold shares in the company. The stock traded as low as $8.68 and last traded at $8.95. 2,229,003 shares changed hands during trading, a decline of 82% from the average session volume of 12,244,363 shares. The stock had previously closed at $9.01.

Specifically, CEO Ali Kashani sold 3,713 shares of the firm’s stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $9.21, for a total transaction of $34,196.73. Following the completion of the sale, the chief executive officer now owns 3,225,852 shares of the company’s stock, valued at $29,710,096.92. This trade represents a 0.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Analyst Ratings Changes

Separately, Northland Securities set a $23.00 target price on Serve Robotics in a research note on Tuesday, February 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 MarketBeat, the stock currently has an average rating of “Strong Buy” and a consensus target price of $19.50.

Serve Robotics Stock Down 7.1 %

The business’s 50 day moving average price is $15.90 and its 200 day moving average price is $11.77.

Institutional Investors Weigh In On Serve Robotics

A number of large investors have recently added to or reduced their stakes in SERV. Jefferies Financial Group Inc. boosted its stake in shares of Serve Robotics by 30.3% in the 4th quarter. Jefferies Financial Group Inc. now owns 17,200 shares of the company’s stock worth $232,000 after buying an additional 4,000 shares during the last quarter. Two Sigma Investments LP bought a new position in Serve Robotics in the fourth quarter valued at about $815,000. Tidal Investments LLC lifted its holdings in Serve Robotics by 57.6% in the fourth quarter. Tidal Investments LLC now owns 51,846 shares of the company’s stock valued at $700,000 after acquiring an additional 18,948 shares during the period. Man Group plc purchased a new position in Serve Robotics in the fourth quarter worth about $467,000. Finally, OMERS ADMINISTRATION Corp bought a new stake in shares of Serve Robotics during the 4th quarter valued at about $431,000.

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.