Serve Robotics (NASDAQ:SERV) Trading 1% Higher – What’s Next?

Serve Robotics Inc. (NASDAQ:SERV)’s share price was up 1% on Thursday . The stock traded as high as $9.95 and last traded at $9.46. Approximately 2,057,596 shares changed hands during trading, a decline of 84% from the average daily volume of 12,603,190 shares. The stock had previously closed at $9.37.

Analysts Set New Price Targets

Separately, Northland Securities set a $23.00 price objective on shares of Serve Robotics in a report on Tuesday, February 18th. Two equities research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Serve Robotics has a consensus rating of “Strong Buy” and a consensus price target of $19.50.

Serve Robotics Price Performance

The stock’s 50-day simple moving average is $16.23 and its 200 day simple moving average is $11.81.

Insider Buying and Selling

In other news, 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 value of $793,500.00. Following the transaction, the chief executive officer now directly owns 3,230,990 shares of the company’s stock, valued at $68,367,748.40. The trade was a 1.15 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Touraj Parang sold 50,000 shares of Serve Robotics stock in a transaction that occurred 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 in the company, valued at $15,113,072.61. This trade represents a 4.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 173,978 shares of company stock valued at $2,629,874 in the last three months. 21.40% of the stock is owned by corporate insiders.

Institutional Trading of Serve Robotics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Uber Technologies Inc purchased a new stake in Serve Robotics during the fourth quarter worth approximately $71,534,000. Yong Rong HK Asset Management Ltd acquired a new stake in Serve Robotics in the third quarter worth $9,636,000. Exchange Traded Concepts LLC acquired a new position in shares of Serve Robotics during the fourth quarter worth approximately $9,066,000. Vanguard Group Inc. lifted its holdings in Serve Robotics by 74.6% in the fourth quarter. Vanguard Group Inc. now owns 1,274,303 shares of the company’s stock worth $17,203,000 after purchasing an additional 544,537 shares during the period. Finally, Legal & General Group Plc bought a new position in shares of Serve Robotics in the fourth quarter valued at approximately $6,629,000.

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.