Serve Robotics (NASDAQ:SERV) Trading Up 10.6% – What’s Next?

Serve Robotics Inc. (NASDAQ:SERV) traded up 10.6% during trading on Tuesday . The stock traded as high as $17.34 and last traded at $16.35. 7,572,444 shares changed hands during trading, a decline of 51% from the average session volume of 15,596,266 shares. The stock had previously closed at $14.78.

Wall Street Analysts Forecast Growth

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

Serve Robotics Price Performance

The business has a 50 day simple moving average of $12.27 and a 200-day simple moving average of $9.97.

Insider Buying and Selling at Serve Robotics

In related news, CEO Ali Kashani sold 9,719 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $8.77, for a total value of $85,235.63. Following the transaction, the chief executive officer now directly owns 3,355,238 shares in the company, valued at approximately $29,425,437.26. This represents a 0.29 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Touraj Parang sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $12.99, for a total transaction of $649,500.00. Following the completion of the transaction, the chief operating officer now directly owns 1,163,439 shares of the company’s stock, valued at approximately $15,113,072.61. This represents a 4.12 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 253,027 shares of company stock valued at $3,309,166 in the last 90 days. 21.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Serve Robotics

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Larson Financial Group LLC bought a new stake in Serve Robotics during the 3rd quarter valued at $26,000. Bfsg LLC bought a new position in shares of Serve Robotics during the third quarter valued at about $38,000. Gordian Capital Singapore Pte Ltd purchased a new stake in shares of Serve Robotics during the third quarter worth about $68,000. Quantum Private Wealth LLC bought a new stake in shares of Serve Robotics in the third quarter worth about $80,000. Finally, Quadrature Capital Ltd bought a new stake in shares of Serve Robotics in the third quarter worth about $148,000.

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.