Serve Robotics (NASDAQ:SERV) Shares Up 24.7% - Here's What Happened

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) shares traded up 24.7% on Friday . The stock traded as high as $12.10 and last traded at $11.88. 12,930,044 shares traded hands during trading, an increase of 41% from the average session volume of 9,150,630 shares. The stock had previously closed at $9.53.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. LADENBURG THALM/SH SH assumed coverage on shares of Serve Robotics in a research report on Monday, October 28th. They set a "buy" rating and a $16.00 price objective for the company. Northland Securities assumed coverage on shares of Serve Robotics in a research report on Friday, October 18th. They set an "outperform" rating and a $16.00 price objective for the company. Northland Capmk raised shares of Serve Robotics to a "strong-buy" rating in a research report on Friday, October 18th. Finally, Seaport Res Ptn raised shares of Serve Robotics to a "strong-buy" rating in a research report on Monday, October 7th. Two analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Strong Buy" and an average target price of $16.00.

Serve Robotics Stock Up 23.8 %

The business's fifty day moving average price is $9.22 and its 200 day moving average price is $7.54.

Insider Transactions at Serve Robotics

In related news, CEO Ali Kashani sold 9,719 shares of the firm's stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $8.77, for a total value of $85,235.63. Following the completion of the transaction, the chief executive officer now owns 3,355,238 shares in the company, valued at $29,425,437.26. This trade represents a 0.29 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 transaction of $551,976.56. Following the completion of the transaction, the director now owns 449,052 shares of the company's stock, valued at approximately $3,848,375.64. This trade represents a 12.54 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 80,337 shares of company stock valued at $690,974. 21.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in SERV. Yong Rong HK Asset Management Ltd bought a new position in Serve Robotics during the 3rd quarter worth approximately $9,636,000. Thomist Capital Management LP bought a new position in Serve Robotics during the 2nd quarter worth approximately $407,000. Geode Capital Management LLC raised its holdings in Serve Robotics by 128.1% during the 3rd quarter. Geode Capital Management LLC now owns 130,853 shares of the company's stock worth $1,041,000 after purchasing an additional 73,496 shares during the last quarter. PFG Investments LLC bought a new position in Serve Robotics during the 2nd quarter worth approximately $110,000. Finally, State Street Corp bought a new position in Serve Robotics during the 3rd quarter worth approximately $333,000.

Serve Robotics Company Profile

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.