Serve Robotics (NASDAQ:SERV) Shares Up 16.1% After Analyst Upgrade

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s stock price shot 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. 8,639,443 shares traded hands during trading, a decline of 44% from the average session volume of 15,563,118 shares. The stock had previously closed at $16.41.

SERV has been the subject of a number of other research reports. Seaport Res Ptn raised shares of Serve Robotics to a "strong-buy" rating in a research note on Monday, October 7th. LADENBURG THALM/SH SH began coverage on shares of Serve Robotics in a research report on Monday, October 28th. They issued a "buy" rating and a $16.00 price objective for the company. Finally, Northland Capmk upgraded shares of Serve Robotics to a "strong-buy" rating in a research report on Friday, October 18th. Two analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Serve Robotics has an average rating of "Strong Buy" and a consensus target price of $19.50.

Insiders Place Their Bets

In other news, Director James Buckly Jordan sold 64,408 shares of the stock in a transaction 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 sale, the director now owns 449,052 shares of the company's stock, valued at $3,848,375.64. This represents a 12.54 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ali Kashani sold 37,500 shares of Serve Robotics stock in a transaction on Monday, January 6th. The shares were sold at an average price of $21.16, for a total transaction of $793,500.00. Following the transaction, the chief executive officer now owns 3,230,990 shares in the company, valued at $68,367,748.40. The trade was a 1.15 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 253,027 shares of company stock valued at $3,309,166 over the last quarter. Company insiders own 21.40% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in SERV. Thomist Capital Management LP acquired a new stake in shares of Serve Robotics in the second quarter valued at about $407,000. Bfsg LLC purchased a new position in Serve Robotics in the 3rd quarter worth approximately $38,000. Harbour Capital Advisors LLC acquired a new stake in Serve Robotics in the third quarter valued at approximately $198,000. Yong Rong HK Asset Management Ltd purchased a new stake in shares of Serve Robotics during the third quarter valued at approximately $9,636,000. Finally, Quantum Private Wealth LLC acquired a new position in shares of Serve Robotics during the third quarter worth $80,000.

Serve Robotics Trading Up 12.7 %

The stock's fifty day moving average is $12.40 and its two-hundred day moving average is $10.07.

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.