Serve Robotics (NASDAQ:SERV) Shares Gap Down – Should You Sell?

Serve Robotics Inc. (NASDAQ:SERV) gapped down before the market opened on Monday . The stock had previously closed at $10.83, but opened at $10.12. Serve Robotics shares last traded at $10.33, with a volume of 1,969,018 shares changing hands.

Analysts Set New Price Targets

Separately, Northland Securities set a $23.00 price target on Serve Robotics in a report on Tuesday, February 18th. 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.com, Serve Robotics has an average rating of “Strong Buy” and a consensus price target of $19.50.

Serve Robotics Trading Down 5.2%

The business has a 50-day moving average price of $6.71 and a 200 day moving average price of $10.88. The stock has a market cap of $567.22 million and a PE ratio of -9.39.

Insider Activity at Serve Robotics

In other Serve Robotics news, CEO Ali Kashani sold 3,713 shares of the stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $9.21, for a total value of $34,196.73. Following the completion of the sale, the chief executive officer now owns 3,225,852 shares in the company, valued at approximately $29,710,096.92. This trade represents a 0.11% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Brian Read sold 29,100 shares of the firm’s stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $7.06, for a total value of $205,446.00. Following the transaction, the chief financial officer now owns 240,900 shares of the company’s stock, valued at $1,700,754. The trade was a 10.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 58,834 shares of company stock worth $447,179. 5.50% of the stock is owned by company insiders.

Institutional Trading of Serve Robotics

Several large investors have recently modified their holdings of SERV. Charles Schwab Investment Management Inc. lifted its position in shares of Serve Robotics by 13.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 12,728 shares of the company’s stock worth $73,000 after buying an additional 1,545 shares in the last quarter. Blue Trust Inc. purchased a new stake in shares of Serve Robotics during the 4th quarter valued at $27,000. CIBC Private Wealth Group LLC purchased a new position in Serve Robotics in the 4th quarter worth $34,000. Bogart Wealth LLC acquired a new stake in Serve Robotics during the 4th quarter worth about $37,000. Finally, Jefferies Financial Group Inc. grew its position in shares of Serve Robotics by 30.3% during the 4th quarter. Jefferies Financial Group Inc. now owns 17,200 shares of the company’s stock valued at $232,000 after acquiring an additional 4,000 shares during the period.

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.