Serve Robotics (NASDAQ:SERV) Stock Price Up 5% – Here’s Why

Shares of Serve Robotics Inc. (NASDAQ:SERV) were up 5% during mid-day trading on Friday . The company traded as high as $18.51 and last traded at $17.64. Approximately 8,078,200 shares were traded during trading, a decline of 50% from the average daily volume of 16,121,939 shares. The stock had previously closed at $16.80.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on SERV. Northland Securities started coverage on Serve Robotics in a research report on Friday, October 18th. They issued an “outperform” rating and a $16.00 price objective for the company. Seaport Res Ptn upgraded Serve Robotics to a “strong-buy” rating in a research note on Monday, October 7th. Northland Capmk upgraded Serve Robotics to a “strong-buy” rating in a research note on Friday, October 18th. Finally, LADENBURG THALM/SH SH started coverage on shares of Serve Robotics in a research report on Monday, October 28th. They issued a “buy” rating and a $16.00 price objective for the company. Two 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 has an average rating of “Strong Buy” and an average target price of $16.00.

Serve Robotics Price Performance

The firm has a 50-day moving average of $11.99 and a 200-day moving average of $9.65.

Insider Transactions at Serve Robotics

In related news, CEO Ali Kashani sold 9,719 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $8.77, for a total value of $85,235.63. Following the transaction, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director James Buckly Jordan sold 64,408 shares of Serve Robotics stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $8.57, for a total transaction of $551,976.56. Following the sale, the director now owns 449,052 shares of the company’s stock, valued at approximately $3,848,375.64. The trade was a 12.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 252,462 shares of company stock worth $3,298,197 over the last three months. 21.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Serve Robotics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SERV. Larson Financial Group LLC purchased a new stake in shares of Serve Robotics in the third quarter worth about $26,000. Bfsg LLC purchased a new stake in Serve Robotics in the 3rd quarter worth approximately $38,000. Gordian Capital Singapore Pte Ltd acquired a new stake in shares of Serve Robotics during the 3rd quarter worth approximately $68,000. Quantum Private Wealth LLC purchased a new position in shares of Serve Robotics during the 3rd quarter valued at approximately $80,000. Finally, PFG Investments LLC acquired a new position in shares of Serve Robotics in the 2nd quarter valued at $110,000.

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.