Serve Robotics (NASDAQ:SERV) Shares Up 8.6% – What’s Next?

Serve Robotics Inc. (NASDAQ:SERV) rose 8.6% on Monday . The company traded as high as $21.43 and last traded at $21.15. Approximately 6,766,971 shares traded hands during mid-day trading, a decline of 42% from the average daily volume of 11,636,837 shares. The stock had previously closed at $19.47.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on SERV. Northland Securities increased their price target on Serve Robotics from $16.00 to $23.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 15th. Northland Capmk raised shares of Serve Robotics to a “strong-buy” rating in a research note on Friday, October 18th. Finally, LADENBURG THALM/SH SH started coverage on shares of Serve Robotics in a report on Monday, October 28th. They issued a “buy” rating and a $16.00 price target for the company. Two investment analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Serve Robotics presently has a consensus rating of “Strong Buy” and an average price target of $19.50.

Serve Robotics Trading Up 3.9 %

The company has a 50 day simple moving average of $15.99 and a 200 day simple moving average of $11.93.

Insider Buying and Selling

In related news, CEO Ali Kashani sold 9,719 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $8.77, for a total transaction of $85,235.63. Following the completion of the sale, the chief executive officer now owns 3,355,238 shares of the company’s stock, valued at approximately $29,425,437.26. This represents a 0.29 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director James Buckly Jordan sold 64,408 shares of the firm’s 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 completion of the transaction, the director now directly owns 449,052 shares in the company, valued at $3,848,375.64. This trade represents a 12.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 253,027 shares of company stock worth $3,309,166. 21.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Serve Robotics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bfsg LLC acquired a new position in Serve Robotics in the 3rd quarter valued at about $38,000. Harbour Capital Advisors LLC acquired a new position in Serve Robotics in the third quarter valued at approximately $198,000. Yong Rong HK Asset Management Ltd purchased a new position in Serve Robotics in the third quarter worth approximately $9,636,000. Quantum Private Wealth LLC acquired a new stake in Serve Robotics during the third quarter worth $80,000. Finally, GSA Capital Partners LLP acquired a new stake in Serve Robotics during the third quarter worth $152,000.

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.