Serve Robotics (NASDAQ:SERV) Price Target Raised to $23.00 at Northland Securities

Serve Robotics (NASDAQ:SERV - Free Report) had its price target raised by Northland Securities from $16.00 to $23.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

Several other brokerages have also issued reports on SERV. Seaport Res Ptn upgraded Serve Robotics to a "strong-buy" rating in a research note on Monday, October 7th. LADENBURG THALM/SH SH initiated coverage on Serve Robotics in a research report on Monday, October 28th. They issued a "buy" rating and a $16.00 target price on the stock. Finally, Northland Capmk raised 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 issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Strong Buy" and an average price target of $19.50.

Serve Robotics Stock Performance

NASDAQ:SERV traded up $2.08 during mid-day trading on Wednesday, reaching $18.49. The stock had a trading volume of 15,641,260 shares, compared to its average volume of 16,450,957. Serve Robotics has a 12 month low of $1.77 and a 12 month high of $24.35. The stock has a 50-day simple moving average of $12.40 and a two-hundred day simple moving average of $10.07.

Insider Activity

In related news, Director James Buckly Jordan sold 64,408 shares of the firm's stock in a transaction that occurred on Thursday, November 21st. The shares were 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 trade represents a 12.54 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ali Kashani sold 37,500 shares of Serve Robotics stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $21.16, for a total transaction of $793,500.00. Following the sale, 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 disclosure for this sale can be found here. In the last ninety days, insiders sold 253,027 shares of company stock worth $3,309,166. Insiders own 21.40% of the company's stock.

Institutional Trading of Serve Robotics

Institutional investors have recently modified their holdings of the business. Thomist Capital Management LP acquired a new position in Serve Robotics during the 2nd quarter worth about $407,000. Bfsg LLC bought a new position in shares of Serve Robotics during the third quarter worth about $38,000. Harbour Capital Advisors LLC acquired a new position in shares of Serve Robotics in the third quarter worth approximately $198,000. Yong Rong HK Asset Management Ltd bought a new stake in Serve Robotics in the third quarter valued at approximately $9,636,000. Finally, Quantum Private Wealth LLC bought a new stake in Serve Robotics in the third quarter valued at approximately $80,000.

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.