Serve Robotics (NASDAQ:SERV) Stock Price Up 16.1% Following Analyst Upgrade

Serve Robotics Inc. (NASDAQ:SERV) shares shot up 16.1% during trading 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. Approximately 8,639,443 shares changed hands during trading, a decline of 44% from the average daily volume of 15,563,118 shares. The stock had previously closed at $16.41.

SERV has been the topic of a number of other research reports. LADENBURG THALM/SH SH assumed coverage on Serve Robotics in a research note on Monday, October 28th. They set a “buy” rating and a $16.00 price objective on the stock. Northland Capmk upgraded Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. Finally, Seaport Res Ptn raised shares of Serve Robotics to a “strong-buy” rating in a research report on Monday, October 7th. Two analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Strong Buy” and an average price target of $19.50.

Insider Buying and Selling at Serve Robotics

In other news, CEO Ali Kashani sold 9,719 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $8.77, for a total value of $85,235.63. Following the completion of the transaction, the chief executive officer now owns 3,355,238 shares of the company’s stock, valued at approximately $29,425,437.26. This represents a 0.29 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 directly owns 449,052 shares in the company, valued at $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. In the last quarter, insiders have sold 253,027 shares of company stock valued at $3,309,166. 21.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Larson Financial Group LLC acquired a new stake in shares of Serve Robotics during the 3rd quarter valued at $26,000. Bfsg LLC bought a new position in Serve Robotics in the third quarter valued at about $38,000. Gordian Capital Singapore Pte Ltd acquired a new stake in shares of Serve Robotics during the third quarter valued at about $68,000. Quantum Private Wealth LLC bought a new stake in shares of Serve Robotics during the third quarter worth about $80,000. Finally, Quadrature Capital Ltd bought a new stake in shares of Serve Robotics during the third quarter worth about $148,000.

Serve Robotics Stock Up 12.9 %

The business’s fifty day moving average is $12.40 and its 200-day moving average is $10.07.

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.