Serve Robotics (NASDAQ:SERV) Shares Up 10.6% - Here's Why

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s stock price rose 10.6% during trading on Tuesday . The company traded as high as $17.34 and last traded at $16.35. Approximately 7,572,444 shares changed hands during trading, a decline of 51% from the average daily volume of 15,596,266 shares. The stock had previously closed at $14.78.

Analyst Ratings Changes

A number of analysts recently weighed in on SERV shares. LADENBURG THALM/SH SH started coverage on Serve Robotics in a report on Monday, October 28th. They issued a "buy" rating and a $16.00 price objective for the company. Northland Capmk upgraded Serve Robotics to a "strong-buy" rating in a research report on Friday, October 18th. Northland Securities began coverage on Serve Robotics in a report on Friday, October 18th. They issued an "outperform" rating and a $16.00 target price on the stock. 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 given a strong buy rating to the stock. According to data from MarketBeat, Serve Robotics currently has a consensus rating of "Strong Buy" and a consensus price target of $16.00.

Serve Robotics Trading Up 11.0 %

The firm's 50-day moving average price is $12.40 and its 200 day moving average price is $10.07.

Insider Buying and Selling

In related news, Director James Buckly Jordan sold 64,408 shares of the firm's stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $8.57, for a total value of $551,976.56. Following 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ali Kashani sold 37,500 shares of the business's stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $21.16, for a total value of $793,500.00. Following the sale, the chief executive officer now directly owns 3,230,990 shares of the company's stock, valued at $68,367,748.40. This represents a 1.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 253,027 shares of company stock valued at $3,309,166. 21.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Serve Robotics

Institutional investors and hedge funds have recently bought and sold shares of the stock. Yong Rong HK Asset Management Ltd purchased a new position in Serve Robotics during the third quarter worth about $9,636,000. Thomist Capital Management LP bought a new stake in shares of Serve Robotics during the 2nd quarter worth $407,000. Geode Capital Management LLC boosted its holdings in shares of Serve Robotics by 128.1% in the 3rd quarter. Geode Capital Management LLC now owns 130,853 shares of the company's stock worth $1,041,000 after buying an additional 73,496 shares during the last quarter. State Street Corp bought a new position in Serve Robotics during the third quarter valued at about $333,000. Finally, Tidal Investments LLC purchased a new stake in Serve Robotics during the third quarter worth about $262,000.

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.