Serve Robotics (NASDAQ:SERV) Trading Up 7.9% – What’s Next?

Serve Robotics Inc. (NASDAQ:SERV)’s share price was up 7.9% during trading on Thursday . The company traded as high as $21.75 and last traded at $21.12. Approximately 5,261,880 shares changed hands during mid-day trading, a decline of 54% from the average daily volume of 11,344,415 shares. The stock had previously closed at $19.57.

Analysts Set New Price Targets

A number of analysts have commented on the company. LADENBURG THALM/SH SH started coverage on Serve Robotics in a report on Monday, October 28th. They set a “buy” rating and a $16.00 price objective for the company. Northland Capmk raised Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. Finally, Northland Securities lifted their price objective on Serve Robotics from $16.00 to $23.00 and gave the stock an “outperform” rating in a report on Wednesday, January 15th. Two equities research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Strong Buy” and a consensus target price of $19.50.

Serve Robotics Trading Up 13.8 %

The stock has a fifty day simple moving average of $16.21 and a two-hundred day simple moving average of $11.99.

Insider Activity

In other news, CEO Ali Kashani sold 9,719 shares of Serve Robotics stock in a transaction dated Monday, November 25th. The stock was 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 in the company, valued at approximately $29,425,437.26. This trade represents a 0.29 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Touraj Parang sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $12.99, for a total value of $649,500.00. Following the completion of the sale, the chief operating officer now owns 1,163,439 shares of the company’s stock, valued at $15,113,072.61. The trade was a 4.12 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 253,027 shares of company stock worth $3,309,166. 21.40% of the stock is currently owned by insiders.

Institutional Trading of Serve Robotics

Hedge funds have recently bought and sold shares of the company. Blue Trust Inc. bought a new stake in Serve Robotics in the 4th quarter worth approximately $27,000. CIBC Private Wealth Group LLC bought a new stake in Serve Robotics in the 4th quarter worth approximately $34,000. Bogart Wealth LLC bought a new stake in Serve Robotics in the fourth quarter valued at approximately $37,000. Larson Financial Group LLC bought a new stake in Serve Robotics in the third quarter valued at approximately $26,000. Finally, Bfsg LLC bought a new stake in Serve Robotics in the third quarter valued at approximately $38,000.

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.