Serve Robotics (NASDAQ:SERV) Trading Up 6.4% – What’s Next?

Serve Robotics Inc. (NASDAQ:SERV)’s share price shot up 6.4% during mid-day trading on Friday . The stock traded as high as $14.40 and last traded at $14.21. 3,259,097 shares traded hands during trading, a decline of 65% from the average session volume of 9,405,316 shares. The stock had previously closed at $13.36.

Wall Street Analysts Forecast Growth

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

Serve Robotics Stock Performance

The stock’s 50 day moving average is $10.06 and its 200-day moving average is $8.22.

Insider Activity

In other Serve Robotics news, Director James Buckly Jordan sold 64,408 shares of the business’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $8.57, for a total transaction of $551,976.56. Following the transaction, the director now owns 449,052 shares in the company, valued at $3,848,375.64. The trade was a 12.54 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Ali Kashani sold 9,719 shares of the stock in a transaction 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. This represents a 0.29 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 191,969 shares of company stock worth $2,134,362. 21.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Serve Robotics

Several hedge funds have recently added to or reduced their stakes in the company. Larson Financial Group LLC purchased a new position in shares of Serve Robotics during the third quarter valued at approximately $26,000. Bfsg LLC bought a new stake in shares of Serve Robotics during the 3rd quarter worth approximately $38,000. Gordian Capital Singapore Pte Ltd purchased a new position in Serve Robotics during the 3rd quarter valued at $68,000. Quantum Private Wealth LLC bought a new position in Serve Robotics in the 3rd quarter valued at $80,000. Finally, Quadrature Capital Ltd purchased a new stake in Serve Robotics in the third quarter worth $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.