Serve Robotics (NASDAQ:SERV) Trading Up 2.2% – Here’s Why

Serve Robotics Inc. (NASDAQ:SERV) shares shot up 2.2% during trading on Tuesday . The stock traded as high as $15.80 and last traded at $15.06. 4,618,565 shares traded hands during trading, a decline of 51% from the average session volume of 9,437,413 shares. The stock had previously closed at $14.73.

Analyst Upgrades and Downgrades

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

Serve Robotics Stock Down 4.0 %

The business’s 50 day simple moving average is $10.51 and its 200-day simple moving average is $8.58.

Insider Activity

In related news, Director James Buckly Jordan sold 64,408 shares of Serve Robotics stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $8.57, for a total transaction of $551,976.56. Following the transaction, the director now owns 449,052 shares of the company’s stock, valued at $3,848,375.64. This trade represents a 12.54 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ali Kashani sold 2,500 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $14.70, for a total transaction of $36,750.00. Following the completion of the sale, the chief executive officer now directly owns 3,295,990 shares of the company’s stock, valued at $48,451,053. The trade was a 0.08 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 194,922 shares of company stock valued at $2,178,354 in the last 90 days. 21.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Serve Robotics

Institutional investors and hedge funds have recently made changes to their positions in the company. PFG Investments LLC acquired a new stake in Serve Robotics during the 2nd quarter worth $110,000. Thomist Capital Management LP bought a new stake in shares of Serve Robotics in the second quarter worth about $407,000. Bfsg LLC acquired a new stake in shares of Serve Robotics during the third quarter worth about $38,000. Harbour Capital Advisors LLC bought a new position in shares of Serve Robotics during the 3rd quarter valued at about $198,000. Finally, Yong Rong HK Asset Management Ltd acquired a new position in shares of Serve Robotics in the 3rd quarter valued at approximately $9,636,000.

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.