Serve Robotics (NASDAQ:SERV) Trading 16.1% Higher After Analyst Upgrade

Serve Robotics Inc. (NASDAQ:SERV) shares traded up 16.1% on Wednesday after Northland Securities raised their price target on the stock from $16.00 to $23.00. Northland Securities currently has an outperform rating on the stock. Serve Robotics traded as high as $19.75 and last traded at $19.06. 8,639,443 shares traded hands during trading, a decline of 44% from the average session volume of 15,563,118 shares. The stock had previously closed at $16.41.

A number of other research firms also recently weighed in on SERV. Seaport Res Ptn raised shares of Serve Robotics to a “strong-buy” rating in a research report on Monday, October 7th. LADENBURG THALM/SH SH started coverage on Serve Robotics in a research report on Monday, October 28th. They set a “buy” rating and a $16.00 price target for the company. Finally, Northland Capmk raised 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, the stock presently has a consensus rating of “Strong Buy” and an average target price of $19.50.

Insider Activity

In related news, CEO Ali Kashani sold 9,719 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $8.77, for a total value of $85,235.63. Following the sale, the chief executive officer now owns 3,355,238 shares in the company, valued at approximately $29,425,437.26. This represents a 0.29 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Touraj Parang sold 50,000 shares of Serve Robotics stock in a transaction on Monday, December 9th. The stock was sold at an average price of $12.99, for a total transaction of $649,500.00. Following the transaction, the chief operating officer now directly owns 1,163,439 shares of the company’s stock, valued at approximately $15,113,072.61. This trade represents a 4.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 253,027 shares of company stock valued at $3,309,166. 21.40% of the stock is owned by company insiders.

Institutional Trading of Serve Robotics

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Larson Financial Group LLC bought a new position in Serve Robotics in the 3rd quarter valued at about $26,000. Bfsg LLC acquired a new stake in Serve Robotics during the 3rd quarter worth approximately $38,000. Gordian Capital Singapore Pte Ltd bought a new stake in Serve Robotics in the 3rd quarter valued at $68,000. Quantum Private Wealth LLC acquired a new position in Serve Robotics in the 3rd quarter valued at $80,000. Finally, Quadrature Capital Ltd acquired a new position in Serve Robotics in the 3rd quarter valued at $148,000.

Serve Robotics Trading Up 12.9 %

The firm has a 50-day simple moving average of $12.40 and a two-hundred day simple moving average of $10.07.

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.