Serve Robotics (NASDAQ:SERV) Shares Up 8.6% – Here’s Why

Serve Robotics Inc. (NASDAQ:SERV) shares traded up 8.6% on Monday . The stock traded as high as $21.43 and last traded at $21.15. 6,766,971 shares were traded during mid-day trading, a decline of 42% from the average session volume of 11,636,837 shares. The stock had previously closed at $19.47.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on SERV. LADENBURG THALM/SH SH assumed coverage on shares of Serve Robotics in a report on Monday, October 28th. They set a “buy” rating and a $16.00 price objective on the stock. Northland Securities lifted their price target on Serve Robotics from $16.00 to $23.00 and gave the company an “outperform” rating in a report on Wednesday, January 15th. Finally, Northland Capmk raised Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. Two analysts have rated the stock with a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Strong Buy” and a consensus target price of $19.50.

Serve Robotics Stock Performance

The firm’s 50 day moving average is $15.99 and its 200 day moving average is $11.93.

Insiders Place Their Bets

In other Serve Robotics news, Director James Buckly Jordan sold 64,408 shares of the company’s stock in a transaction that occurred 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 approximately $3,848,375.64. This represents a 12.54 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Ali Kashani sold 37,500 shares of Serve Robotics 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 sale, the chief executive officer now owns 3,230,990 shares of the company’s stock, valued at $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. Over the last three months, insiders have sold 253,027 shares of company stock valued at $3,309,166. 21.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Serve Robotics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Blue Trust Inc. acquired a new stake in Serve Robotics during the 4th quarter valued at approximately $27,000. CIBC Private Wealth Group LLC purchased a new position in shares of Serve Robotics during the fourth quarter worth $34,000. Bogart Wealth LLC acquired a new position in Serve Robotics during the fourth quarter valued at $37,000. Larson Financial Group LLC purchased a new stake in Serve Robotics in the third quarter valued at $26,000. Finally, Bfsg LLC acquired a new stake in Serve Robotics during the 3rd quarter worth about $38,000.

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.