Serve Robotics (NASDAQ:SERV) Shares Up 16.5% – Here’s Why

Serve Robotics Inc. (NASDAQ:SERV)’s stock price traded up 16.5% during trading on Wednesday . The company traded as high as $14.04 and last traded at $13.77. 15,053,337 shares traded hands during trading, an increase of 13% from the average session volume of 13,345,096 shares. The stock had previously closed at $11.82.

Analyst Upgrades and Downgrades

SERV has been the subject of several research reports. Northland Securities raised their price objective on Serve Robotics from $16.00 to $23.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 15th. LADENBURG THALM/SH SH started coverage on Serve Robotics in a report on Monday, October 28th. They set a “buy” rating and a $16.00 target price for the company. Two investment analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Strong Buy” and a consensus price target of $19.50.

Serve Robotics Price Performance

The business’s 50 day moving average is $16.57 and its 200 day moving average is $11.94.

Insider Transactions at Serve Robotics

In other news, COO Touraj Parang sold 50,000 shares of the stock in a transaction that occurred on Monday, December 9th. The shares were 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 of the company’s stock, valued at $15,113,072.61. This represents a 4.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ali Kashani sold 9,719 shares of the business’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 transaction of $85,235.63. Following the transaction, the chief executive officer now directly owns 3,355,238 shares in the company, valued at $29,425,437.26. The trade was a 0.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 185,793 shares of company stock valued at $2,733,515 over the last quarter. Company insiders own 21.40% of the company’s stock.

Institutional Trading of Serve Robotics

Several hedge funds and other institutional investors have recently modified their holdings of the company. Blue Trust Inc. acquired a new position in Serve Robotics in the 4th quarter worth about $27,000. CIBC Private Wealth Group LLC acquired a new position in Serve Robotics in the fourth quarter worth approximately $34,000. Bogart Wealth LLC bought a new position in Serve Robotics during the fourth quarter valued at approximately $37,000. Larson Financial Group LLC acquired a new stake in Serve Robotics in the third quarter valued at approximately $26,000. Finally, SG Americas Securities LLC bought a new stake in Serve Robotics in the fourth quarter worth approximately $114,000.

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.