Serve Robotics (NASDAQ:SERV) Trading 16.5% Higher – Here’s Why

Serve Robotics Inc. (NASDAQ:SERV) shot up 16.5% on Wednesday . The stock traded as high as $14.04 and last traded at $13.77. 15,053,337 shares were traded during mid-day trading, an increase of 13% from the average session volume of 13,345,096 shares. The stock had previously closed at $11.82.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on SERV shares. LADENBURG THALM/SH SH assumed coverage on Serve Robotics in a research report on Monday, October 28th. They set a “buy” rating and a $16.00 target price on the stock. Northland Securities lifted their price objective on Serve Robotics from $16.00 to $23.00 and gave the stock an “outperform” rating in a report on Wednesday, January 15th. Two equities research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat, Serve Robotics presently has a consensus rating of “Strong Buy” and an average target price of $19.50.

Serve Robotics Stock Up 16.8 %

The business’s 50 day moving average price is $16.52 and its 200-day moving average price is $11.92.

Insider Buying and Selling

In other Serve Robotics news, CEO Ali Kashani sold 37,500 shares of the stock in a transaction on Monday, January 6th. The stock was sold at an average price of $21.16, for a total transaction of $793,500.00. Following the completion of the transaction, the chief executive officer now directly owns 3,230,990 shares in the company, valued at $68,367,748.40. This represents a 1.15 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director James Buckly Jordan sold 64,408 shares of the business’s stock in a transaction 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 completion of the sale, the director now owns 449,052 shares in the company, valued at $3,848,375.64. This represents a 12.54 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 251,555 shares of company stock valued at $3,297,405 over the last quarter. Corporate insiders own 21.40% of the company’s stock.

Institutional Trading of Serve Robotics

Large investors have recently added to or reduced their stakes in the company. Larson Financial Group LLC acquired a new position in shares of Serve Robotics in the 3rd quarter worth approximately $26,000. Blue Trust Inc. bought a new position in Serve Robotics in the 4th quarter valued at $27,000. CIBC Private Wealth Group LLC acquired a new position in Serve Robotics in the fourth quarter worth $34,000. Bogart Wealth LLC acquired a new position in Serve Robotics in the fourth quarter worth $37,000. Finally, Gordian Capital Singapore Pte Ltd acquired a new stake in shares of Serve Robotics in the third quarter valued at $68,000.

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.