Serve Robotics (NASDAQ:SERV) Sees Large Volume Increase - Here's What Happened

Shares of Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) saw strong trading volume on Friday . 28,436,639 shares traded hands during trading, an increase of 136% from the previous session's volume of 12,051,827 shares.The stock last traded at $14.07 and had previously closed at $22.92.

Analysts Set New Price Targets

Several research analysts have recently issued reports on SERV shares. Northland Securities raised their target price on shares of Serve Robotics from $16.00 to $23.00 and gave the company an "outperform" rating in a research note on Wednesday, January 15th. LADENBURG THALM/SH SH began coverage on shares of Serve Robotics in a research note on Monday, October 28th. They issued a "buy" rating and a $16.00 price objective on the stock. Two 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, the company currently has a consensus rating of "Strong Buy" and an average target price of $19.50.

Serve Robotics Trading Up 13.0 %

The stock has a fifty day simple moving average of $16.54 and a 200-day simple moving average of $11.93.

Insiders Place Their Bets

In other Serve Robotics news, CEO Ali Kashani sold 37,500 shares of the business'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 sale, the chief executive officer now directly owns 3,230,990 shares of the company's stock, valued at $68,367,748.40. The trade was a 1.15 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director James Buckly Jordan sold 64,408 shares of the firm's stock in a transaction dated 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 of the company's stock, valued at $3,848,375.64. The trade was a 12.54 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 251,555 shares of company stock valued at $3,297,405 in the last quarter. 21.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Uber Technologies Inc bought a new position in shares of Serve Robotics in the fourth quarter valued at $71,534,000. Yong Rong HK Asset Management Ltd bought a new position in shares of Serve Robotics in the 3rd quarter valued at about $9,636,000. Exchange Traded Concepts LLC bought a new position in shares of Serve Robotics in the 4th quarter valued at about $9,066,000. Vanguard Group Inc. increased its stake in shares of Serve Robotics by 74.6% during the 4th quarter. Vanguard Group Inc. now owns 1,274,303 shares of the company's stock worth $17,203,000 after purchasing an additional 544,537 shares during the last quarter. Finally, Legal & General Group Plc bought a new stake in shares of Serve Robotics in the 4th quarter valued at about $6,629,000.

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.