Serve Robotics (NASDAQ:SERV) Trading 7.9% Higher – What’s Next?

Shares of Serve Robotics Inc. (NASDAQ:SERV) traded up 7.9% on Thursday . The stock traded as high as $21.75 and last traded at $21.12. 5,261,880 shares were traded during mid-day trading, a decline of 54% from the average session volume of 11,344,415 shares. The stock had previously closed at $19.57.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. LADENBURG THALM/SH SH assumed coverage on Serve Robotics in a research report on Monday, October 28th. They issued a “buy” rating and a $16.00 price objective for the company. Northland Securities boosted their price objective on Serve Robotics from $16.00 to $23.00 and gave the company an “outperform” rating in a research report on Wednesday, January 15th. Finally, Northland Capmk upgraded Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. Two investment 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, Serve Robotics currently has an average rating of “Strong Buy” and a consensus price target of $19.50.

Serve Robotics Stock Performance

The company has a 50 day moving average price of $16.21 and a 200-day moving average price of $11.99.

Insider Activity

In other Serve Robotics news, Director James Buckly Jordan sold 64,408 shares of the company’s stock in a transaction dated 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 owns 449,052 shares in the company, valued at $3,848,375.64. This represents a 12.54 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, COO Touraj Parang sold 50,000 shares of the stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $12.99, for a total value of $649,500.00. Following the sale, the chief operating officer now owns 1,163,439 shares of the company’s stock, valued at $15,113,072.61. This represents a 4.12 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 253,027 shares of company stock valued at $3,309,166 over the last ninety days. 21.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Serve Robotics

Several institutional investors have recently made changes to their positions in SERV. Yong Rong HK Asset Management Ltd purchased a new stake in shares of Serve Robotics during the third quarter worth about $9,636,000. Exchange Traded Concepts LLC purchased a new position in Serve Robotics during the 4th quarter valued at approximately $9,066,000. Vanguard Group Inc. grew its holdings in Serve Robotics by 74.6% during the 4th quarter. Vanguard Group Inc. now owns 1,274,303 shares of the company’s stock valued at $17,203,000 after buying an additional 544,537 shares in the last quarter. Legal & General Group Plc purchased a new position in Serve Robotics during the 4th quarter valued at approximately $6,629,000. Finally, Raymond James Financial Inc. purchased a new position in Serve Robotics during the 4th quarter valued at approximately $1,978,000.

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.