Serve Robotics (NASDAQ:SERV) Trading 0.3% Higher – What’s Next?

Serve Robotics Inc. (NASDAQ:SERV)’s share price rose 0.3% during mid-day trading on Wednesday . The stock traded as high as $7.60 and last traded at $7.22. Approximately 1,105,013 shares changed hands during trading, a decline of 89% from the average daily volume of 9,671,938 shares. The stock had previously closed at $7.19.

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 equities research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Strong Buy” and an average price target of $19.50.

Serve Robotics Trading Up 0.6 %

The firm has a market cap of $411.86 million and a P/E ratio of -6.02. The stock has a 50 day simple moving average of $13.96 and a 200-day simple moving average of $11.57.

Insider Activity at Serve Robotics

In other Serve Robotics news, CEO Ali Kashani sold 37,500 shares of the stock in a transaction on Monday, January 6th. The shares were 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 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last ninety days, insiders sold 66,570 shares of company stock valued at $1,222,484. 21.40% of the stock is owned by corporate insiders.

Institutional Trading of Serve Robotics

Large investors have recently made changes to their positions in the business. State Street Corp purchased a new position in Serve Robotics in the third quarter worth about $333,000. Exchange Traded Concepts LLC bought a new stake in shares of Serve Robotics in the 4th quarter valued at approximately $9,066,000. Atomi Financial Group Inc. purchased a new position in shares of Serve Robotics in the 4th quarter worth approximately $209,000. Geode Capital Management LLC increased its position in shares of Serve Robotics by 128.1% during the 3rd quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock valued at $1,041,000 after purchasing an additional 73,496 shares during the last quarter. Finally, Stephens Inc. AR purchased a new stake in Serve Robotics during the 4th quarter valued at $142,000.

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.