Serve Robotics (NASDAQ:SERV) Trading Up 8.1% – Here’s What Happened

Serve Robotics Inc. (NASDAQ:SERV) traded up 8.1% during mid-day trading on Monday . The company traded as high as $24.35 and last traded at $20.57. 16,575,115 shares traded hands during trading, an increase of 20% from the average session volume of 13,855,684 shares. The stock had previously closed at $19.03.

Analysts Set New Price Targets

Several research analysts have weighed in on SERV shares. Northland Capmk upgraded Serve Robotics to a “strong-buy” rating in a report on Friday, October 18th. Northland Securities initiated coverage on Serve Robotics in a research report on Friday, October 18th. They set an “outperform” rating and a $16.00 target price on the stock. Seaport Res Ptn upgraded Serve Robotics to a “strong-buy” rating in a report on Monday, October 7th. Finally, LADENBURG THALM/SH SH assumed coverage on shares of Serve Robotics in a research report on Monday, October 28th. They issued a “buy” rating and a $16.00 target price on the stock. Two research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Strong Buy” and an average price target of $16.00.

Serve Robotics Stock Performance

The stock has a 50-day simple moving average of $11.39 and a 200-day simple moving average of $9.28.

Insider Activity at Serve Robotics

In other Serve Robotics news, CEO Ali Kashani sold 7,500 shares of the business’s stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $16.50, for a total transaction of $123,750.00. Following the transaction, the chief executive officer now owns 3,283,490 shares in the company, valued at $54,177,585. The trade was a 0.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 value of $551,976.56. Following the completion of the sale, the director now directly owns 449,052 shares of the company’s stock, valued at $3,848,375.64. The trade was a 12.54 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 207,462 shares of company stock worth $2,375,472. Company insiders own 21.40% of the company’s stock.

Institutional Trading of Serve Robotics

A number of hedge funds have recently made changes to their positions in SERV. Yong Rong HK Asset Management Ltd acquired a new stake in Serve Robotics during the 3rd quarter valued at $9,636,000. Thomist Capital Management LP purchased a new position in Serve Robotics in the 2nd quarter valued at about $407,000. Geode Capital Management LLC grew its stake 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. PFG Investments LLC purchased a new stake in shares of Serve Robotics during the second quarter worth about $110,000. Finally, State Street Corp acquired a new position in shares of Serve Robotics in the third quarter worth about $333,000.

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.