Serve Robotics (NASDAQ:SERV) Shares Up 10.3% – Here’s What Happened

Serve Robotics Inc. (NASDAQ:SERV)’s share price was up 10.3% during trading on Thursday . The stock traded as high as $15.11 and last traded at $14.89. Approximately 4,055,929 shares were traded during mid-day trading, a decline of 57% from the average daily volume of 9,460,457 shares. The stock had previously closed at $13.50.

Analyst Upgrades and Downgrades

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

Serve Robotics Stock Up 28.9 %

The business has a fifty day moving average price of $11.39 and a 200 day moving average price of $9.18.

Insider Buying and Selling at Serve Robotics

In other 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 sale, the chief operating officer now owns 1,163,439 shares in the company, valued at approximately $15,113,072.61. This represents a 4.12 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director James Buckly Jordan sold 64,408 shares of the business’s 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 completion of the sale, the director now directly owns 449,052 shares of the company’s stock, valued at approximately $3,848,375.64. This represents a 12.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 207,462 shares of company stock valued at $2,375,472 over the last ninety days. Corporate insiders own 21.40% of the company’s stock.

Institutional Investors Weigh In On Serve Robotics

Institutional investors and hedge funds have recently made changes to their positions in the company. Larson Financial Group LLC acquired a new stake in shares of Serve Robotics in the 3rd quarter worth about $26,000. Bfsg LLC bought a new position in Serve Robotics during the third quarter valued at about $38,000. Gordian Capital Singapore Pte Ltd acquired a new position in shares of Serve Robotics in the 3rd quarter worth approximately $68,000. Quantum Private Wealth LLC acquired a new position in Serve Robotics in the third quarter worth approximately $80,000. Finally, Quadrature Capital Ltd acquired a new position in shares of Serve Robotics in the 3rd quarter worth $148,000.

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.