Serve Robotics (NASDAQ:SERV) Shares Gap Down - Here's Why

Shares of Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) gapped down prior to trading 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 trading hands.

Analyst Ratings Changes

Several equities research 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 for the company. Northland Securities boosted their price objective on Serve Robotics from $16.00 to $23.00 and gave the stock an "outperform" rating in a report on Wednesday, January 15th. Two research analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Strong Buy" and an average price target of $19.50.

Serve Robotics Price Performance

The company's 50 day moving average is $16.52 and its 200 day moving average is $11.96.

Insider Buying and Selling at Serve Robotics

In related news, CEO Ali Kashani sold 37,500 shares of the business's stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $21.16, for a total value 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. The trade was a 1.15 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director James Buckly Jordan sold 64,408 shares of the company's stock in a transaction dated Thursday, November 21st. The stock was 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 represents a 12.54 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 253,027 shares of company stock valued at $3,309,166 in the last quarter. Company insiders own 21.40% of the company's stock.

Hedge Funds Weigh In On Serve Robotics

Several hedge funds have recently bought and sold shares of SERV. State Street Corp acquired a new stake in shares of Serve Robotics during the 3rd quarter worth approximately $333,000. Exchange Traded Concepts LLC acquired a new stake in shares of Serve Robotics in the 4th quarter valued at $9,066,000. Atomi Financial Group Inc. acquired a new stake in shares of Serve Robotics in the 4th quarter valued at $209,000. Geode Capital Management LLC increased its stake in shares of Serve Robotics by 128.1% in the 3rd quarter. Geode Capital Management LLC now owns 130,853 shares of the company's stock valued at $1,041,000 after purchasing an additional 73,496 shares during the last quarter. Finally, Yong Rong HK Asset Management Ltd acquired a new position in shares of Serve Robotics during the 3rd quarter worth $9,636,000.

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.