Serve Robotics (NASDAQ:SERV) Shares Up 2.8% - Here's What Happened

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) traded up 2.8% during trading on Wednesday . The stock traded as high as $19.58 and last traded at $19.37. 3,254,230 shares were traded during mid-day trading, a decline of 71% from the average session volume of 11,415,039 shares. The stock had previously closed at $18.84.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on SERV shares. Northland Securities raised their target price on Serve Robotics from $16.00 to $23.00 and gave the stock an "outperform" rating in a research note on Wednesday, January 15th. LADENBURG THALM/SH SH initiated coverage on Serve Robotics in a research note on Monday, October 28th. They issued a "buy" rating and a $16.00 price objective for the company. Two analysts have rated the stock with a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat, Serve Robotics currently has a consensus rating of "Strong Buy" and a consensus price target of $19.50.

Serve Robotics Price Performance

The company has a 50-day moving average price of $16.56 and a 200-day moving average price of $11.94.

Insider Transactions at Serve Robotics

In other news, COO Touraj Parang sold 50,000 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $12.99, for a total transaction of $649,500.00. Following the sale, the chief operating officer now directly owns 1,163,439 shares in the company, valued at approximately $15,113,072.61. This represents a 4.12 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 sale, the chief executive officer now owns 3,355,238 shares in the company, valued at approximately $29,425,437.26. This represents a 0.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 251,555 shares of company stock valued at $3,297,405 over the last quarter. Company insiders own 21.40% of the company's stock.

Hedge Funds Weigh In On Serve Robotics

Several hedge funds have recently modified their holdings of SERV. Larson Financial Group LLC bought a new stake in shares of Serve Robotics during the 3rd quarter worth $26,000. Blue Trust Inc. bought a new position in Serve Robotics during the fourth quarter valued at about $27,000. CIBC Private Wealth Group LLC bought a new position in Serve Robotics during the fourth quarter valued at about $34,000. Bogart Wealth LLC bought a new position in shares of Serve Robotics in the fourth quarter worth about $37,000. Finally, Gordian Capital Singapore Pte Ltd bought a new position in shares of Serve Robotics in the third quarter worth about $68,000.

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.