Serve Robotics (NASDAQ:SERV) Stock Price Up 6.4% – Here’s Why

Serve Robotics Inc. (NASDAQ:SERV) shot up 6.4% during mid-day trading on Friday . The stock traded as high as $14.40 and last traded at $14.21. 3,259,097 shares were traded during mid-day trading, a decline of 65% from the average session volume of 9,405,316 shares. The stock had previously closed at $13.36.

Analyst Upgrades and Downgrades

SERV has been the subject of several recent analyst reports. LADENBURG THALM/SH SH initiated coverage on Serve Robotics in a research report on Monday, October 28th. They set a “buy” rating and a $16.00 target price for the company. Seaport Res Ptn raised Serve Robotics to a “strong-buy” rating in a research report on Monday, October 7th. Northland Securities began coverage on Serve Robotics in a research report on Friday, October 18th. They set an “outperform” rating and a $16.00 target price for the company. Finally, Northland Capmk upgraded shares of Serve Robotics to a “strong-buy” rating in a report on Friday, October 18th. Two analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Strong Buy” and a consensus price target of $16.00.

Serve Robotics Price Performance

The company has a fifty day simple moving average of $10.18 and a two-hundred day simple moving average of $8.30.

Insiders Place Their Bets

In other Serve Robotics news, Director James Buckly Jordan sold 64,408 shares of the stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $8.57, for a total transaction of $551,976.56. Following the sale, the director now owns 449,052 shares of the company’s stock, valued at approximately $3,848,375.64. This trade represents a 12.54 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ali Kashani sold 9,719 shares of the company’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $8.77, for a total value of $85,235.63. Following the sale, the chief executive officer now owns 3,355,238 shares of the company’s stock, valued at $29,425,437.26. This trade represents a 0.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 192,422 shares of company stock worth $2,141,604 in the last three months. Corporate insiders own 21.40% of the company’s stock.

Institutional Investors Weigh In On Serve Robotics

Several institutional investors have recently bought and sold shares of SERV. Larson Financial Group LLC purchased a new stake in shares of Serve Robotics during the 3rd quarter valued at $26,000. Bfsg LLC acquired a new position in Serve Robotics during the 3rd quarter valued at about $38,000. Gordian Capital Singapore Pte Ltd purchased a new stake in Serve Robotics in the third quarter valued at about $68,000. Quantum Private Wealth LLC acquired a new stake in Serve Robotics in the third quarter worth about $80,000. Finally, Quadrature Capital Ltd purchased a new stake in shares of Serve Robotics during the third quarter worth about $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.