Serve Robotics (NASDAQ:SERV) Sees Large Volume Increase – Here’s What Happened

Serve Robotics Inc. (NASDAQ:SERV) shares saw strong trading volume on Friday . 28,436,639 shares were traded during mid-day trading, an increase of 136% from the previous session’s volume of 12,051,827 shares.The stock last traded at $14.07 and had previously closed at $22.92.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on SERV shares. LADENBURG THALM/SH SH initiated coverage on shares of Serve Robotics in a report on Monday, October 28th. They set a “buy” rating and a $16.00 price target for the company. Northland Securities boosted their target price on shares of Serve Robotics from $16.00 to $23.00 and gave the company an “outperform” rating in a research note on Wednesday, January 15th. Two equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Strong Buy” and a consensus price target of $19.50.

Serve Robotics Stock Down 39.6 %

The company has a 50 day moving average price of $16.52 and a 200-day moving average price of $12.00.

Insider Buying and Selling at Serve Robotics

In other Serve Robotics news, CEO Ali Kashani sold 37,500 shares of the stock in a transaction on Monday, January 6th. The stock was 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 directly owns 3,230,990 shares of the company’s stock, valued at approximately $68,367,748.40. This trade represents a 1.15 % 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 on Thursday, November 21st. The stock was 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 in the company, valued at $3,848,375.64. This represents a 12.54 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 253,027 shares of company stock valued at $3,309,166. Company insiders own 21.40% of the company’s stock.

Hedge Funds Weigh In On Serve Robotics

Several hedge funds have recently made changes to their positions in the business. Uber Technologies Inc acquired a new position in Serve Robotics in the fourth quarter worth approximately $71,534,000. Schonfeld Strategic Advisors LLC acquired a new position in shares of Serve Robotics in the 4th quarter worth $1,354,000. Northern Trust Corp raised its position in shares of Serve Robotics by 178.0% during the fourth quarter. Northern Trust Corp now owns 31,633 shares of the company’s stock worth $427,000 after purchasing an additional 20,253 shares during the period. CreativeOne Wealth LLC purchased a new stake in shares of Serve Robotics during the fourth quarter valued at $156,000. Finally, Raymond James Financial Inc. purchased a new stake in shares of Serve Robotics during the fourth quarter valued at $1,978,000.

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.