Serve Robotics (NASDAQ:SERV) Stock Price Up 2.2% – What’s Next?

Serve Robotics Inc. (NASDAQ:SERV)’s stock price shot up 2.2% during trading on Tuesday . The company traded as high as $15.80 and last traded at $15.06. 4,618,565 shares changed hands during trading, a decline of 51% from the average session volume of 9,437,413 shares. The stock had previously closed at $14.73.

Wall Street Analysts Forecast Growth

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

Serve Robotics Trading Down 4.0 %

The firm has a fifty day moving average of $10.51 and a 200-day moving average of $8.58.

Insider Transactions at Serve Robotics

In related news, COO Touraj Parang sold 50,000 shares of Serve Robotics stock in a transaction dated 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 owns 1,163,439 shares in the company, valued at approximately $15,113,072.61. This trade represents a 4.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Ali Kashani sold 2,500 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $13.52, for a total value of $33,800.00. Following the completion of the sale, the chief executive officer now owns 3,344,498 shares in the company, valued at $45,217,612.96. This represents a 0.07 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 194,922 shares of company stock worth $2,178,354 in the last 90 days. Corporate insiders own 21.40% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in SERV. PFG Investments LLC bought a new position in Serve Robotics during the second quarter worth $110,000. Thomist Capital Management LP acquired a new stake in shares of Serve Robotics during the 2nd quarter worth about $407,000. Bfsg LLC bought a new stake in shares of Serve Robotics during the 3rd quarter worth about $38,000. Harbour Capital Advisors LLC bought a new stake in shares of Serve Robotics during the 3rd quarter worth about $198,000. Finally, Yong Rong HK Asset Management Ltd acquired a new position in Serve Robotics in the 3rd quarter valued at about $9,636,000.

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.