Serve Robotics (NASDAQ:SERV) Trading 16.1% Higher Following Analyst Upgrade

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s stock price was up 16.1% during trading 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 changed hands during mid-day trading, a decline of 44% from the average daily volume of 15,563,118 shares. The stock had previously closed at $16.41.

Other analysts have also issued reports about the stock. LADENBURG THALM/SH SH assumed coverage on shares of Serve Robotics in a research note on Monday, October 28th. They set a "buy" rating and a $16.00 target price on the stock. Northland Capmk upgraded shares of Serve Robotics to a "strong-buy" rating in a report on Friday, October 18th. Finally, Seaport Res Ptn upgraded shares of Serve Robotics to a "strong-buy" rating in a report on Monday, October 7th. Two analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Strong Buy" and an average price target of $19.50.

Insider Transactions at Serve Robotics

In related news, COO Touraj Parang sold 50,000 shares of the business's stock in a transaction on Monday, December 9th. The shares were sold at an average price of $12.99, for a total value of $649,500.00. Following the completion of the sale, the chief operating officer now directly owns 1,163,439 shares of the company's stock, valued at $15,113,072.61. The trade was a 4.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ali Kashani sold 9,719 shares of the firm's stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $8.77, for a total value of $85,235.63. Following the transaction, the chief executive officer now directly owns 3,355,238 shares in the company, valued at approximately $29,425,437.26. The trade was a 0.29 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 253,027 shares of company stock valued at $3,309,166. Corporate insiders own 21.40% of the company's stock.

Institutional Trading of Serve Robotics

A number of large investors have recently made changes to their positions in the company. Thomist Capital Management LP purchased a new position in Serve Robotics during the 2nd quarter worth approximately $407,000. Bfsg LLC acquired a new position in shares of Serve Robotics in the 3rd quarter valued at $38,000. Harbour Capital Advisors LLC purchased a new stake in Serve Robotics in the 3rd quarter valued at $198,000. Yong Rong HK Asset Management Ltd purchased a new stake in Serve Robotics in the 3rd quarter valued at $9,636,000. Finally, Quantum Private Wealth LLC acquired a new stake in Serve Robotics during the 3rd quarter worth $80,000.

Serve Robotics Trading Up 2.1 %

The firm's 50 day moving average price is $12.57 and its two-hundred day moving average price is $10.13.

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.