Serve Robotics (NASDAQ:SERV) Hits New 1-Year High – What’s Next?

Shares of Serve Robotics Inc. (NASDAQ:SERV) reached a new 52-week high during mid-day trading on Monday . The company traded as high as $24.35 and last traded at $22.40, with a volume of 8130997 shares trading hands. The stock had previously closed at $19.03.

Analyst Upgrades and Downgrades

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

Serve Robotics Price Performance

The business has a 50 day simple moving average of $11.39 and a 200 day simple moving average of $9.28.

Insider Activity

In related news, CEO Ali Kashani sold 9,719 shares of Serve Robotics stock in a transaction 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 of the company’s stock, valued at approximately $29,425,437.26. The trade was a 0.29 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director James Buckly Jordan sold 64,408 shares of the stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $8.57, for a total transaction of $551,976.56. Following the transaction, the director now directly owns 449,052 shares in the company, valued at $3,848,375.64. The trade was a 12.54 % 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 in the last three months. 21.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Larson Financial Group LLC bought a new stake in Serve Robotics during the third quarter worth approximately $26,000. Bfsg LLC acquired a new stake in shares of Serve Robotics in the third quarter worth $38,000. Gordian Capital Singapore Pte Ltd bought a new stake in shares of Serve Robotics during the 3rd quarter worth $68,000. Quantum Private Wealth LLC acquired a new position in Serve Robotics in the 3rd quarter valued at $80,000. Finally, Quadrature Capital Ltd bought a new position in Serve Robotics in the 3rd quarter worth $148,000.

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.