Serve Robotics (NASDAQ:SERV) Trading 24.7% Higher – Here’s What Happened

Serve Robotics Inc. (NASDAQ:SERV) shares rose 24.7% on Friday . The company traded as high as $12.10 and last traded at $11.88. Approximately 12,930,044 shares were traded during mid-day trading, an increase of 41% from the average daily volume of 9,150,630 shares. The stock had previously closed at $9.53.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Northland Capmk raised shares of Serve Robotics to a “strong-buy” rating in a research note on Friday, October 18th. Northland Securities initiated coverage on shares of Serve Robotics in a report on Friday, October 18th. They set an “outperform” rating and a $16.00 price target for the company. LADENBURG THALM/SH SH began coverage on Serve Robotics in a report on Monday, October 28th. They set a “buy” rating and a $16.00 price target on the stock. Finally, Seaport Res Ptn raised Serve Robotics to a “strong-buy” rating in a research note on Monday, October 7th. Two investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Strong Buy” and an average target price of $16.00.

Serve Robotics Price Performance

The firm has a fifty day moving average of $9.15 and a 200 day moving average of $7.48.

Insider Activity at Serve Robotics

In related news, CEO Ali Kashani sold 9,719 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer now directly owns 3,355,238 shares in the company, valued at approximately $29,425,437.26. The trade was a 0.29 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have sold a total of 13,169 shares of company stock worth $115,554 over the last quarter. Company insiders own 21.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Yong Rong HK Asset Management Ltd bought a new position in Serve Robotics during the third quarter valued at $9,636,000. Thomist Capital Management LP bought a new position in shares of Serve Robotics during the 2nd quarter valued at approximately $407,000. Geode Capital Management LLC raised its holdings in Serve Robotics by 128.1% during the 3rd quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock valued at $1,041,000 after buying an additional 73,496 shares during the period. PFG Investments LLC bought a new stake in Serve Robotics in the second quarter worth $110,000. Finally, State Street Corp purchased a new position in Serve Robotics during the third quarter worth $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.