Serve Robotics (NASDAQ:SERV) Stock Price Up 16.5% – What’s Next?

Serve Robotics Inc. (NASDAQ:SERV)’s stock price shot up 16.5% on Wednesday . The company 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 research analysts have recently commented on SERV shares. Northland Securities increased their price objective on Serve Robotics from $16.00 to $23.00 and gave the company an “outperform” rating in a report on Wednesday, January 15th. LADENBURG THALM/SH SH initiated coverage on Serve Robotics in a report on Monday, October 28th. They set a “buy” rating and a $16.00 price target on the stock. Two equities research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Strong Buy” and an average price target of $19.50.

Serve Robotics Price Performance

The company has a 50-day moving average price of $16.57 and a 200-day moving average price of $11.94.

Insider Buying and Selling at Serve Robotics

In other news, COO Touraj Parang sold 50,000 shares of the company’s stock in a transaction dated Monday, December 9th. The shares were 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 of the company’s stock, valued at approximately $15,113,072.61. This represents a 4.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ali Kashani sold 37,500 shares of the stock in a transaction dated 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 sale, the chief executive officer now owns 3,230,990 shares of the company’s stock, valued at approximately $68,367,748.40. The trade was a 1.15 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 185,793 shares of company stock valued at $2,733,515 in the last 90 days. 21.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Serve Robotics

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

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.