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

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

Analyst Upgrades and Downgrades

Separately, Northland Securities set a $23.00 price target on shares of Serve Robotics in a research report on Tuesday, February 18th. Two equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Strong Buy” and an average price target of $19.50.

Serve Robotics Price Performance

The firm has a fifty day simple moving average of $6.71 and a 200 day simple moving average of $10.88. The company has a market cap of $567.22 million and a price-to-earnings ratio of -9.39.

Insider Buying and Selling

In related news, CFO Brian Read sold 29,100 shares of the company’s stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $7.06, for a total transaction of $205,446.00. Following the transaction, the chief financial officer now owns 240,900 shares in the company, valued at $1,700,754. This represents a 10.78% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ali Kashani sold 3,713 shares of the business’s stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $9.21, for a total value of $34,196.73. Following the sale, the chief executive officer now directly owns 3,225,852 shares of the company’s stock, valued at $29,710,096.92. This represents a 0.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 58,834 shares of company stock valued at $447,179 over the last ninety days. 5.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Serve Robotics

Large investors have recently bought and sold shares of the company. Goldman Sachs Group Inc. increased its position in Serve Robotics by 280.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 297,138 shares of the company’s stock worth $1,709,000 after buying an additional 219,018 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Serve Robotics by 616.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 679,014 shares of the company’s stock valued at $3,972,000 after purchasing an additional 584,302 shares in the last quarter. Bosun Asset Management LLC acquired a new stake in shares of Serve Robotics during the first quarter valued at about $129,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Serve Robotics during the first quarter valued at about $2,064,000. Finally, PEAK6 LLC lifted its stake in shares of Serve Robotics by 377.7% in the first quarter. PEAK6 LLC now owns 15,314 shares of the company’s stock worth $88,000 after acquiring an additional 20,829 shares during the period.

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.