Serve Robotics (NASDAQ:SERV) Trading 5% Higher – Here’s What Happened

Serve Robotics Inc. (NASDAQ:SERV) was up 5% during mid-day trading on Friday . The stock traded as high as $18.51 and last traded at $17.64. Approximately 8,078,200 shares were traded during mid-day trading, a decline of 50% from the average daily volume of 16,121,939 shares. The stock had previously closed at $16.80.

Wall Street Analyst Weigh In

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

Serve Robotics Trading Up 11.5 %

The business’s 50-day moving average is $12.16 and its two-hundred day moving average is $9.82.

Insiders Place Their Bets

In other Serve Robotics news, Director James Buckly Jordan sold 64,408 shares of Serve Robotics stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $8.57, for a total value 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. The trade was a 12.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Ali Kashani sold 37,500 shares of the business’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $21.16, for a total transaction of $793,500.00. Following the completion of the transaction, the chief executive officer now owns 3,230,990 shares in the company, valued at approximately $68,367,748.40. The trade was a 1.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 253,027 shares of company stock valued at $3,309,166 in the last 90 days. 21.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Serve Robotics

A number of hedge funds have recently modified their holdings of SERV. Larson Financial Group LLC purchased a new stake in Serve Robotics in the third quarter worth $26,000. Bfsg LLC purchased a new stake in Serve Robotics in the 3rd quarter worth about $38,000. Gordian Capital Singapore Pte Ltd purchased a new stake in Serve Robotics in the 3rd quarter worth about $68,000. Quantum Private Wealth LLC bought a new stake in Serve Robotics in the 3rd quarter valued at about $80,000. Finally, Quadrature Capital Ltd purchased a new stake in Serve Robotics during the third quarter valued at about $148,000.

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.