Serve Robotics (NASDAQ:SERV) Shares Up 10.3% – Here’s What Happened

Serve Robotics Inc. (NASDAQ:SERV)’s stock price shot up 10.3% during trading on Thursday . The stock traded as high as $15.11 and last traded at $14.89. 4,055,929 shares changed hands during mid-day trading, a decline of 57% from the average session volume of 9,460,457 shares. The stock had previously closed at $13.50.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on SERV. Northland Securities began coverage on shares of Serve Robotics in a research report on Friday, October 18th. They set an “outperform” rating and a $16.00 price target for the company. Seaport Res Ptn upgraded Serve Robotics to a “strong-buy” rating in a research report on Monday, October 7th. LADENBURG THALM/SH SH started coverage on Serve Robotics in a report on Monday, October 28th. They issued a “buy” rating and a $16.00 price target on the stock. Finally, Northland Capmk raised Serve Robotics to a “strong-buy” rating in a report on Friday, October 18th. Two research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Strong Buy” and an average price target of $16.00.

Serve Robotics Stock Performance

The stock’s fifty day moving average price is $11.10 and its two-hundred day moving average price is $9.03.

Insider Activity at Serve Robotics

In other Serve Robotics news, CEO Ali Kashani sold 9,719 shares of Serve Robotics stock in a transaction on Monday, November 25th. The stock was sold at an average price of $8.77, for a total transaction of $85,235.63. Following the completion of the transaction, the chief executive officer now owns 3,355,238 shares in the company, valued at approximately $29,425,437.26. The trade was a 0.29 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Touraj Parang sold 50,000 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $12.99, for a total value of $649,500.00. Following the completion of the sale, the chief operating officer now directly owns 1,163,439 shares in the company, valued at approximately $15,113,072.61. This represents a 4.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 207,422 shares of company stock worth $2,374,854 over the last quarter. Corporate insiders own 21.40% of the company’s stock.

Hedge Funds Weigh In On Serve Robotics

Hedge funds have recently bought and sold shares of the company. Tidal Investments LLC bought a new stake in Serve Robotics during the 3rd quarter valued at about $262,000. Geode Capital Management LLC increased its position in shares of Serve Robotics by 128.1% during the third quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock valued at $1,041,000 after acquiring an additional 73,496 shares in the last quarter. Gordian Capital Singapore Pte Ltd purchased a new position in Serve Robotics in the 3rd quarter worth approximately $68,000. State Street Corp bought a new position in Serve Robotics in the 3rd quarter valued at approximately $333,000. Finally, Quadrature Capital Ltd purchased a new stake in Serve Robotics during the 3rd quarter valued at $148,000.

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.