Serve Robotics (NASDAQ:SERV) Trading Up 2.4% – Here’s What Happened

Serve Robotics Inc. (NASDAQ:SERV)’s share price shot up 2.4% during mid-day trading on Friday . The stock traded as high as $8.94 and last traded at $8.93. 1,999,353 shares were traded during trading, a decline of 84% from the average session volume of 12,387,637 shares. The stock had previously closed at $8.72.

Analyst Ratings Changes

Separately, Northland Securities set a $23.00 target price on shares of Serve Robotics in a research report on Tuesday, February 18th. Two investment 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 target price of $19.50.

Serve Robotics Price Performance

The stock has a fifty day moving average price of $16.02 and a 200-day moving average price of $11.79.

Insider Buying and Selling at Serve Robotics

In other Serve Robotics news, CEO Ali Kashani sold 37,500 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $21.16, for a total value of $793,500.00. Following the completion of the sale, the chief executive officer now directly owns 3,230,990 shares in the company, valued at $68,367,748.40. This trade represents a 1.15 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 completion of the transaction, the chief operating officer now directly owns 1,163,439 shares in the company, valued at $15,113,072.61. This represents a 4.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 179,943 shares of company stock worth $2,684,796 over the last quarter. Insiders own 21.40% of the company’s stock.

Institutional Investors Weigh In On Serve Robotics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Jefferies Financial Group Inc. grew its stake in shares of Serve Robotics by 30.3% during the fourth quarter. Jefferies Financial Group Inc. now owns 17,200 shares of the company’s stock worth $232,000 after acquiring an additional 4,000 shares during the last quarter. Two Sigma Investments LP acquired a new position in Serve Robotics during the 4th quarter valued at approximately $815,000. Tidal Investments LLC raised its holdings in shares of Serve Robotics by 57.6% in the fourth quarter. Tidal Investments LLC now owns 51,846 shares of the company’s stock worth $700,000 after buying an additional 18,948 shares during the last quarter. Man Group plc acquired a new stake in shares of Serve Robotics during the fourth quarter worth $467,000. Finally, OMERS ADMINISTRATION Corp purchased a new stake in shares of Serve Robotics during the fourth quarter valued at $431,000.

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.