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

Serve Robotics Inc. (NASDAQ:SERV)’s stock price gapped down prior to trading 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.

Analyst Upgrades and Downgrades

SERV has been the topic of several recent research reports. LADENBURG THALM/SH SH initiated coverage on shares of Serve Robotics in a research note on Monday, October 28th. They issued a “buy” rating and a $16.00 price objective on the stock. Northland Securities lifted 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 issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Strong Buy” and an average target price of $19.50.

Serve Robotics Price Performance

The firm’s fifty day moving average price is $16.52 and its 200 day moving average price is $11.92.

Insider Transactions at Serve Robotics

In other Serve Robotics news, Director James Buckly Jordan sold 64,408 shares of the business’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $8.57, for a total transaction of $551,976.56. Following the transaction, the director now owns 449,052 shares in the company, valued at $3,848,375.64. The trade was a 12.54 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Ali Kashani sold 37,500 shares of the business’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 transaction, the chief executive officer now owns 3,230,990 shares in the company, valued at $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 have sold 251,555 shares of company stock valued at $3,297,405. 21.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Blue Trust Inc. purchased a new stake in shares of Serve Robotics during the fourth quarter valued at $27,000. CIBC Private Wealth Group LLC purchased a new stake in shares of Serve Robotics during the fourth quarter valued at $34,000. Bogart Wealth LLC purchased a new stake in shares of Serve Robotics during the fourth quarter valued at $37,000. Larson Financial Group LLC purchased a new stake in shares of Serve Robotics during the third quarter valued at $26,000. Finally, SG Americas Securities LLC purchased a new stake in shares of Serve Robotics during the fourth quarter valued at $114,000.

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.