Serve Robotics (NASDAQ:SERV) Stock Price Up 10.6% – What’s Next?

Serve Robotics Inc. (NASDAQ:SERV) shot up 10.6% on Tuesday . The company traded as high as $17.34 and last traded at $16.35. 7,572,444 shares changed hands during trading, a decline of 51% from the average session volume of 15,596,266 shares. The stock had previously closed at $14.78.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on SERV shares. Northland Securities boosted their price objective on Serve Robotics from $16.00 to $23.00 and gave the company an “outperform” rating in a report on Wednesday. Northland Capmk raised Serve Robotics to a “strong-buy” rating in a report on Friday, October 18th. Seaport Res Ptn upgraded Serve Robotics to a “strong-buy” rating in a research report on Monday, October 7th. Finally, 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 target price for the company. Two 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 currently has an average rating of “Strong Buy” and a consensus price target of $19.50.

Serve Robotics Price Performance

The stock has a 50-day moving average price of $12.57 and a 200 day moving average price of $10.13.

Insider Buying and Selling

In other Serve Robotics news, Director James Buckly Jordan sold 64,408 shares of the firm’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 transaction, the director now owns 449,052 shares in the company, valued at approximately $3,848,375.64. This trade represents a 12.54 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Ali Kashani sold 9,719 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $8.77, for a total transaction of $85,235.63. Following the transaction, the chief executive officer now owns 3,355,238 shares in the company, valued at $29,425,437.26. The trade was a 0.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 253,027 shares of company stock valued at $3,309,166. 21.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Serve Robotics

A number of large investors have recently made changes to their positions in the stock. Yong Rong HK Asset Management Ltd acquired a new position in Serve Robotics during the third quarter worth $9,636,000. Thomist Capital Management LP purchased a new stake in shares of Serve Robotics in the second quarter valued at about $407,000. Geode Capital Management LLC increased its position in Serve Robotics by 128.1% during the third quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock worth $1,041,000 after purchasing an additional 73,496 shares during the last quarter. State Street Corp purchased a new position in Serve Robotics during the third quarter worth about $333,000. Finally, Tidal Investments LLC acquired a new position in Serve Robotics in the 3rd quarter valued at about $262,000.

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.