Serve Robotics (NASDAQ:SERV) Trading 16.1% Higher After Analyst Upgrade

Serve Robotics Inc. (NASDAQ:SERV) shares traded up 16.1% during trading on Wednesday after Northland Securities raised their price target on the stock from $16.00 to $23.00. Northland Securities currently has an outperform rating on the stock. Serve Robotics traded as high as $19.75 and last traded at $19.06. 8,639,443 shares changed hands during trading, a decline of 44% from the average session volume of 15,563,118 shares. The stock had previously closed at $16.41.

A number of other equities research analysts have also weighed in on the company. LADENBURG THALM/SH SH assumed coverage on Serve Robotics in a report on Monday, October 28th. They issued a “buy” rating and a $16.00 price objective on the stock. Seaport Res Ptn raised shares of Serve Robotics to a “strong-buy” rating in a report on Monday, October 7th. Finally, Northland Capmk upgraded Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. Two research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Strong Buy” and a consensus target price of $19.50.

Insider Activity at Serve Robotics

In other Serve Robotics news, Director James Buckly Jordan sold 64,408 shares of the firm’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 sale, the director now directly 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ali Kashani sold 37,500 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $21.16, for a total transaction of $793,500.00. Following the completion of the sale, the chief executive officer now owns 3,230,990 shares of the company’s stock, valued at approximately $68,367,748.40. The trade was a 1.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 253,027 shares of company stock valued at $3,309,166 over the last quarter. Insiders own 21.40% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of SERV. Larson Financial Group LLC purchased a new stake in shares of Serve Robotics in the third quarter worth about $26,000. Bfsg LLC bought a new stake in shares of Serve Robotics in the third quarter worth $38,000. Gordian Capital Singapore Pte Ltd acquired a new stake in shares of Serve Robotics in the 3rd quarter valued at about $68,000. Quantum Private Wealth LLC acquired a new stake in Serve Robotics during the third quarter valued at approximately $80,000. Finally, Quadrature Capital Ltd acquired a new stake in shares of Serve Robotics during the 3rd quarter valued at approximately $148,000.

Serve Robotics Trading Up 2.1 %

The stock’s fifty day simple moving average is $12.57 and its two-hundred day simple moving average is $10.13.

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.