Serve Robotics (NASDAQ:SERV) Sees Strong Trading Volume – Here’s Why

Serve Robotics Inc. (NASDAQ:SERV) saw strong trading volume on Friday . 2,879,825 shares traded hands during mid-day trading, a decline of 48% from the previous session’s volume of 5,488,439 shares.The stock last traded at $16.95 and had previously closed at $14.76.

Analyst Ratings Changes

A number of brokerages recently weighed in on SERV. Northland Capmk raised shares of Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. LADENBURG THALM/SH SH started coverage on Serve Robotics in a research note on Monday, October 28th. They issued a “buy” rating and a $16.00 target price for the company. Seaport Res Ptn raised Serve Robotics to a “strong-buy” rating in a research report on Monday, October 7th. Finally, Northland Securities initiated coverage on shares of Serve Robotics in a research report on Friday, October 18th. They issued an “outperform” rating and a $16.00 price objective for the company. Two research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Strong Buy” and a consensus target price of $16.00.

Serve Robotics Stock Performance

The firm has a 50 day moving average price of $11.39 and a two-hundred day moving average price of $9.23.

Insider Activity

In other Serve Robotics news, CEO Ali Kashani sold 7,500 shares of the company’s stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $16.50, for a total transaction of $123,750.00. Following the sale, the chief executive officer now owns 3,283,490 shares in the company, valued at $54,177,585. This represents a 0.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director James Buckly Jordan sold 64,408 shares of Serve Robotics stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $8.57, for a total value of $551,976.56. Following the completion of the transaction, the director now owns 449,052 shares of the company’s stock, valued at approximately $3,848,375.64. The trade was a 12.54 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 207,462 shares of company stock worth $2,375,472. 21.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. State Street Corp bought a new stake in shares of Serve Robotics in the 3rd quarter worth approximately $333,000. Yong Rong HK Asset Management Ltd bought a new stake in shares of Serve Robotics during the third quarter valued at approximately $9,636,000. Thomist Capital Management LP bought a new stake in shares of Serve Robotics during the second quarter valued at approximately $407,000. PFG Investments LLC acquired a new position in shares of Serve Robotics during the second quarter worth approximately $110,000. Finally, Bfsg LLC bought a new position in Serve Robotics in the 3rd quarter worth approximately $38,000.

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.