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

Shares of Serve Robotics Inc. (NASDAQ:SERV) rose 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 were traded during 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 equities analysts also recently commented on the stock. LADENBURG THALM/SH SH started coverage on shares of Serve Robotics in a report on Monday, October 28th. They issued a “buy” rating and a $16.00 price objective for the company. Seaport Res Ptn upgraded shares of Serve Robotics to a “strong-buy” rating in a research note on Monday, October 7th. Finally, Northland Capmk upgraded shares of Serve Robotics to a “strong-buy” rating in a research note on Friday, October 18th. Two 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.com, the stock presently has a consensus rating of “Strong Buy” and a consensus target price of $19.50.

Insider Transactions at Serve Robotics

In other news, CEO Ali Kashani sold 37,500 shares of the company’s 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 transaction, the chief executive officer now owns 3,230,990 shares in the company, valued at approximately $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 Securities & Exchange Commission, which is accessible through the SEC website. Also, Director James Buckly Jordan sold 64,408 shares of the company’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $8.57, for a total transaction of $551,976.56. Following the transaction, the director now owns 449,052 shares of the company’s stock, valued at $3,848,375.64. This represents a 12.54 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 253,027 shares of company stock worth $3,309,166. Insiders own 21.40% of the company’s stock.

Institutional Investors Weigh In On Serve Robotics

Several institutional investors have recently bought and sold shares of SERV. Yong Rong HK Asset Management Ltd acquired a new stake in Serve Robotics in the 3rd quarter valued at about $9,636,000. Thomist Capital Management LP acquired a new stake in Serve Robotics in the 2nd quarter valued at about $407,000. Geode Capital Management LLC lifted its holdings in Serve Robotics by 128.1% in the 3rd quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock valued at $1,041,000 after acquiring an additional 73,496 shares during the last quarter. Harbour Capital Advisors LLC lifted its holdings in Serve Robotics by 102.4% in the 4th quarter. Harbour Capital Advisors LLC now owns 50,365 shares of the company’s stock valued at $680,000 after acquiring an additional 25,475 shares during the last quarter. Finally, State Street Corp acquired a new stake in Serve Robotics in the 3rd quarter valued at about $333,000.

Serve Robotics Price Performance

The stock’s fifty day simple moving average is $12.40 and its two-hundred day simple moving average is $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.