Serve Robotics (NASDAQ:SERV) Sees Unusually-High Trading Volume - Here's What Happened

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) saw unusually-high trading volume on Friday . Approximately 28,436,639 shares were traded 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.

Wall Street Analysts Forecast Growth

SERV has been the topic of a number of recent analyst reports. LADENBURG THALM/SH SH started coverage on Serve Robotics in a research note on Monday, October 28th. They set a "buy" rating and a $16.00 price target on the stock. Northland Securities increased their price target on Serve Robotics from $16.00 to $23.00 and gave the company an "outperform" rating in a report on Wednesday, January 15th. Two analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Strong Buy" and an average target price of $19.50.

Serve Robotics Stock Performance

The firm has a 50 day moving average price of $16.52 and a two-hundred day moving average price of $11.96.

Insider Activity

In other news, CEO Ali Kashani sold 9,719 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $8.77, for a total transaction of $85,235.63. Following the transaction, the chief executive officer now owns 3,355,238 shares of the company's stock, valued at approximately $29,425,437.26. This trade represents a 0.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Touraj Parang sold 50,000 shares of the stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $12.99, for a total transaction of $649,500.00. Following the transaction, the chief operating officer now directly owns 1,163,439 shares in the company, valued at $15,113,072.61. The trade was a 4.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 251,555 shares of company stock worth $3,297,405 over the last ninety days. Corporate insiders own 21.40% of the company's stock.

Hedge Funds Weigh In On Serve Robotics

Several large investors have recently modified their holdings of SERV. Yong Rong HK Asset Management Ltd bought a new position in shares of Serve Robotics during the third quarter worth about $9,636,000. Quantum Private Wealth LLC bought a new position in Serve Robotics in the third quarter worth about $80,000. GSA Capital Partners LLP bought a new position in Serve Robotics in the third quarter worth about $152,000. Larson Financial Group LLC bought a new position in Serve Robotics in the third quarter worth about $26,000. Finally, Quadrature Capital Ltd bought a new position in Serve Robotics in the third quarter worth about $148,000.

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.