Serve Robotics (NASDAQ:SERV) Stock Price Up 2.8% – What’s Next?

Serve Robotics Inc. (NASDAQ:SERV) shares rose 2.8% on Wednesday . The stock traded as high as $19.58 and last traded at $19.37. Approximately 3,254,230 shares changed hands during trading, a decline of 71% from the average daily volume of 11,415,039 shares. The stock had previously closed at $18.84.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. LADENBURG THALM/SH SH started coverage on shares of Serve Robotics in a report on Monday, October 28th. They issued a “buy” rating and a $16.00 target price for the company. Northland Capmk raised Serve Robotics to a “strong-buy” rating in a research note on Friday, October 18th. Finally, Northland Securities boosted their target price on Serve Robotics from $16.00 to $23.00 and gave the stock an “outperform” rating in a research report 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 stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Strong Buy” and a consensus price target of $19.50.

Serve Robotics Price Performance

The firm’s fifty day simple moving average is $15.99 and its 200-day simple moving average is $11.93.

Insider Buying and Selling

In related news, CEO Ali Kashani sold 9,719 shares of Serve Robotics 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 completion of the sale, the chief executive officer now owns 3,355,238 shares in the company, valued at approximately $29,425,437.26. This trade represents a 0.29 % decrease in their position. The transaction 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 company’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $8.57, for a total transaction of $551,976.56. Following the completion of 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 253,027 shares of company stock worth $3,309,166 in the last ninety days. Insiders own 21.40% of the company’s stock.

Institutional Trading of Serve Robotics

A number of hedge funds have recently bought and sold shares of SERV. State Street Corp acquired a new position in Serve Robotics in the 3rd quarter valued at $333,000. Exchange Traded Concepts LLC purchased a new stake in shares of Serve Robotics in the fourth quarter valued at $9,066,000. Atomi Financial Group Inc. acquired a new position in Serve Robotics in the fourth quarter valued at $209,000. Geode Capital Management LLC lifted 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 buying an additional 73,496 shares during the period. Finally, Yong Rong HK Asset Management Ltd acquired a new stake in Serve Robotics in the 3rd quarter worth about $9,636,000.

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.