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

Serve Robotics Inc. (NASDAQ:SERV) was up 16.1% 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 traded hands during mid-day trading, a decline of 44% from the average daily volume of 15,563,118 shares. The stock had previously closed at $16.41.

A number of other research firms have also commented on SERV. LADENBURG THALM/SH SH started coverage on shares of Serve Robotics in a research note on Monday, October 28th. They set a “buy” rating and a $16.00 price objective for the company. Northland Capmk raised shares of Serve Robotics to a “strong-buy” rating in a research note on Friday, October 18th. Finally, Seaport Res Ptn raised shares of Serve Robotics to a “strong-buy” rating in a research note on Monday, October 7th. 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, Serve Robotics currently has an average rating of “Strong Buy” and an average price target of $19.50.

Insider Activity

In related news, COO Touraj Parang sold 50,000 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $12.99, for a total value of $649,500.00. Following the transaction, the chief operating officer now owns 1,163,439 shares in the company, valued at approximately $15,113,072.61. This represents a 4.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director James Buckly Jordan sold 64,408 shares of the 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 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 have sold 253,027 shares of company stock worth $3,309,166 in the last 90 days. Company insiders own 21.40% of the company’s stock.

Hedge Funds Weigh In On Serve Robotics

A number of hedge funds have recently added to or reduced their stakes in SERV. Larson Financial Group LLC acquired a new position in Serve Robotics in the third quarter worth approximately $26,000. Bfsg LLC acquired a new stake in Serve Robotics in the third quarter worth about $38,000. Gordian Capital Singapore Pte Ltd acquired a new stake in Serve Robotics in the third quarter worth about $68,000. Quantum Private Wealth LLC acquired a new stake in Serve Robotics in the third quarter worth about $80,000. Finally, Quadrature Capital Ltd acquired a new stake in Serve Robotics in the third quarter worth about $148,000.

Serve Robotics Stock Up 12.7 %

The stock has a 50-day moving average of $12.40 and a 200 day moving average of $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.