Serve Robotics (NASDAQ:SERV) Shares Up 19.1% – Here’s Why

Serve Robotics Inc. (NASDAQ:SERV)’s stock price traded up 19.1% on Friday . The company traded as high as $18.11 and last traded at $17.58. 8,541,712 shares were traded during mid-day trading, an increase of 7% from the average session volume of 7,961,670 shares. The stock had previously closed at $14.76.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Northland Securities assumed coverage on shares of Serve Robotics in a research note on Friday, October 18th. They issued an “outperform” rating and a $16.00 price objective for the company. Seaport Res Ptn upgraded shares of Serve Robotics to a “strong-buy” rating in a report on Monday, October 7th. LADENBURG THALM/SH SH began coverage on shares of Serve Robotics in a research note on Monday, October 28th. They set a “buy” rating and a $16.00 target price on the stock. Finally, Northland Capmk raised shares of Serve Robotics to a “strong-buy” rating in a research 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 company. Based on data from MarketBeat, the stock has an average rating of “Strong Buy” and a consensus target price of $16.00.

Serve Robotics Stock Up 28.9 %

The company has a fifty day moving average of $11.39 and a 200 day moving average of $9.23.

Insider Activity at Serve Robotics

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 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ali Kashani sold 9,719 shares of the firm’s stock in a transaction 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 of the company’s stock, 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. Over the last ninety days, insiders sold 207,462 shares of company stock worth $2,375,472. 21.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Serve Robotics

Several institutional investors have recently added to or reduced their stakes in SERV. Yong Rong HK Asset Management Ltd purchased a new stake in shares of Serve Robotics during the 3rd quarter valued at about $9,636,000. Thomist Capital Management LP purchased a new stake in Serve Robotics during the 2nd quarter valued at $407,000. Geode Capital Management LLC lifted its position in Serve Robotics by 128.1% in the third quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock worth $1,041,000 after buying an additional 73,496 shares during the last quarter. PFG Investments LLC purchased a new position in Serve Robotics during the second quarter worth $110,000. Finally, State Street Corp bought a new position in Serve Robotics during the 3rd quarter valued at about $333,000.

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.