Serve Robotics (NASDAQ:SERV) Stock Price Up 8.1% - Here's Why

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s stock price was up 8.1% during mid-day trading on Monday . The stock traded as high as $24.35 and last traded at $20.57. Approximately 16,575,115 shares traded hands during trading, an increase of 20% from the average daily volume of 13,855,684 shares. The stock had previously closed at $19.03.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on SERV shares. Northland Capmk raised shares of Serve Robotics to a "strong-buy" rating in a research note on Friday, October 18th. 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 target on the stock. Seaport Res Ptn raised shares of Serve Robotics to a "strong-buy" rating in a research note on Monday, October 7th. Finally, Northland Securities initiated coverage on Serve Robotics in a research note on Friday, October 18th. They issued an "outperform" rating and a $16.00 target price on the stock. Two investment analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Strong Buy" and a consensus price target of $16.00.

Serve Robotics Stock Up 20.3 %

The firm's 50 day moving average is $11.61 and its two-hundred day moving average is $9.43.

Insider Transactions at Serve Robotics

In other news, CEO Ali Kashani sold 9,719 shares of Serve Robotics stock in a transaction on Monday, November 25th. The stock was 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 of the company's stock, valued at $29,425,437.26. The trade was a 0.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Touraj Parang sold 50,000 shares of the company'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 transaction, the chief operating officer now 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 disclosure for this sale can be found here. Insiders sold a total of 207,462 shares of company stock worth $2,375,472 over the last ninety days. 21.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Serve Robotics

Several hedge funds have recently modified their holdings of SERV. Larson Financial Group LLC acquired a new position in Serve Robotics during the third quarter worth approximately $26,000. Bfsg LLC acquired a new stake in shares of Serve Robotics during the 3rd quarter worth $38,000. Gordian Capital Singapore Pte Ltd purchased a new position in shares of Serve Robotics in the 3rd quarter worth $68,000. Quantum Private Wealth LLC acquired a new position in Serve Robotics in the third quarter valued at $80,000. Finally, PFG Investments LLC purchased a new stake in Serve Robotics during the second quarter valued at about $110,000.

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.