Serve Robotics (NASDAQ:SERV) Shares Up 1.7% – Here’s What Happened

Serve Robotics Inc. (NASDAQ:SERV)’s share price shot up 1.7% during mid-day trading on Wednesday . The stock traded as high as $10.34 and last traded at $10.01. 1,954,296 shares traded hands during trading, a decline of 85% from the average session volume of 12,787,553 shares. The stock had previously closed at $9.84.

Wall Street Analysts Forecast Growth

Separately, Northland Securities set a $23.00 price target on Serve Robotics in a research report on Tuesday, February 18th. 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, Serve Robotics currently has an average rating of “Strong Buy” and an average target price of $19.50.

Serve Robotics Trading Down 4.1 %

The business’s fifty day moving average price is $16.32 and its 200 day moving average price is $11.83.

Insider Buying and Selling

In other Serve Robotics news, COO Touraj Parang sold 50,000 shares of the company’s stock in a transaction dated Monday, December 9th. The shares were 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 directly owns 1,163,439 shares of the company’s stock, valued at approximately $15,113,072.61. This represents a 4.12 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ali Kashani sold 2,500 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $13.52, for a total transaction of $33,800.00. Following the completion of the sale, the chief executive officer now owns 3,344,498 shares of the company’s stock, valued at approximately $45,217,612.96. The trade was a 0.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 173,978 shares of company stock worth $2,629,874 in the last three months. 21.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Uber Technologies Inc bought a new position in Serve Robotics in the fourth quarter valued at approximately $71,534,000. Yong Rong HK Asset Management Ltd acquired a new stake in Serve Robotics during the third quarter worth about $9,636,000. Exchange Traded Concepts LLC bought a new stake in shares of Serve Robotics during the fourth quarter worth $9,066,000. Vanguard Group Inc. raised its position in shares of Serve Robotics by 74.6% during the fourth quarter. Vanguard Group Inc. now owns 1,274,303 shares of the company’s stock worth $17,203,000 after acquiring an additional 544,537 shares during the last quarter. Finally, Legal & General Group Plc bought a new position in shares of Serve Robotics during the 4th quarter worth approximately $6,629,000.

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.