Serve Robotics (NASDAQ:SERV) Shares Up 0.3% – Here’s Why

Serve Robotics Inc. (NASDAQ:SERV)’s share price traded up 0.3% on Wednesday . The company traded as high as $7.60 and last traded at $7.22. 1,105,013 shares were traded during mid-day trading, a decline of 89% from the average session volume of 9,671,938 shares. The stock had previously closed at $7.19.

Analyst Ratings Changes

Separately, Northland Securities set a $23.00 price objective on shares of Serve Robotics in a report on Tuesday, February 18th. Two research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, Serve Robotics presently has an average rating of “Strong Buy” and a consensus price target of $19.50.

Serve Robotics Trading Down 0.9 %

The stock’s fifty day simple moving average is $13.57 and its 200-day simple moving average is $11.51. The stock has a market capitalization of $390.91 million and a PE ratio of -5.74.

Insider Activity

In related news, CEO Ali Kashani sold 7,500 shares of the business’s stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $16.50, for a total transaction of $123,750.00. Following the sale, the chief executive officer now directly owns 3,283,490 shares in the company, valued at approximately $54,177,585. The trade was a 0.23 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 67,051 shares of company stock valued at $1,207,671 over the last quarter. Company insiders own 21.40% of the company’s stock.

Institutional Investors Weigh In On Serve Robotics

Institutional investors and hedge funds have recently bought and sold shares of the stock. GSA Capital Partners LLP purchased a new stake in shares of Serve Robotics during the 3rd quarter valued at $152,000. Larson Financial Group LLC purchased a new position in shares of Serve Robotics in the 3rd quarter worth about $26,000. Quadrature Capital Ltd purchased a new position in shares of Serve Robotics during the 3rd quarter valued at about $148,000. State Street Corp bought a new stake in Serve Robotics in the 3rd quarter worth approximately $333,000. Finally, Gordian Capital Singapore Pte Ltd bought a new position in Serve Robotics during the third quarter valued at approximately $68,000.

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.