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

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

Analysts Set New Price Targets

A number of equities analysts have commented on the company. LADENBURG THALM/SH SH assumed coverage on Serve Robotics in a research note on Monday, October 28th. They issued a “buy” rating and a $16.00 price objective on the stock. Northland Securities raised their price objective on shares of 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 shares of Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. Two analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Strong Buy” and a consensus price target of $19.50.

Serve Robotics Price Performance

The company has a 50 day moving average price of $16.52 and a 200 day moving average price of $12.02.

Insider Transactions at Serve Robotics

In related news, Director James Buckly Jordan sold 64,408 shares of the business’s stock in a transaction that occurred on 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 transaction, the director now directly owns 449,052 shares in the company, valued at approximately $3,848,375.64. The trade was a 12.54 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ali Kashani sold 9,719 shares of the company’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $8.77, for a total transaction of $85,235.63. Following the completion of the transaction, the chief executive officer now directly owns 3,355,238 shares of the company’s stock, valued at approximately $29,425,437.26. The trade was a 0.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 253,027 shares of company stock worth $3,309,166 in the last quarter. 21.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Blue Trust Inc. acquired a new position in shares of Serve Robotics during the 4th quarter worth about $27,000. CIBC Private Wealth Group LLC acquired a new position in Serve Robotics during the fourth quarter valued at approximately $34,000. Bogart Wealth LLC acquired a new position in Serve Robotics during the fourth quarter valued at approximately $37,000. Larson Financial Group LLC acquired a new position in Serve Robotics during the third quarter valued at approximately $26,000. Finally, Bfsg LLC acquired a new stake in shares of Serve Robotics in the 3rd quarter valued at approximately $38,000.

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.