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

Serve Robotics Inc. (NASDAQ:SERV)’s stock price gapped down before the market opened 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 traded.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on SERV shares. LADENBURG THALM/SH SH initiated coverage on Serve Robotics in a report on Monday, October 28th. They issued a “buy” rating and a $16.00 price objective on the stock. Northland Securities raised 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 assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Strong Buy” and a consensus price target of $19.50.

Serve Robotics Price Performance

The firm has a fifty day moving average of $16.54 and a 200-day moving average of $11.93.

Insider Activity

In other news, COO Touraj Parang sold 50,000 shares of the business’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $12.99, for a total transaction of $649,500.00. Following the transaction, the chief operating officer now directly owns 1,163,439 shares of the company’s stock, valued at approximately $15,113,072.61. The trade was a 4.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Ali Kashani sold 37,500 shares of the company’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $21.16, for a total transaction of $793,500.00. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 185,793 shares of company stock worth $2,733,515. 21.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Serve Robotics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Blue Trust Inc. acquired a new stake in shares of Serve Robotics during the fourth quarter valued at about $27,000. CIBC Private Wealth Group LLC purchased a new position in Serve Robotics in the fourth quarter valued at about $34,000. Bogart Wealth LLC acquired a new stake in Serve Robotics during the 4th quarter valued at approximately $37,000. Larson Financial Group LLC purchased a new stake in Serve Robotics during the 3rd quarter worth approximately $26,000. Finally, SG Americas Securities LLC acquired a new position in shares of Serve Robotics in the 4th quarter valued at approximately $114,000.

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.