Northland Securities Forecasts Strong Price Appreciation for Serve Robotics (NASDAQ:SERV) Stock

Serve Robotics (NASDAQ:SERV) had its target price increased by Northland Securities from $16.00 to $23.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Northland Securities’ price objective would indicate a potential upside of 21.82% from the stock’s previous close.

Several other brokerages have also recently commented on SERV. Seaport Res Ptn upgraded shares of Serve Robotics to a “strong-buy” rating in a report on Monday, October 7th. Northland Capmk upgraded shares of Serve Robotics to a “strong-buy” rating in a research note on Friday, October 18th. Finally, LADENBURG THALM/SH SH assumed coverage on Serve Robotics in a research report on Monday, October 28th. They issued a “buy” rating and a $16.00 target price on the stock. Two equities research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Strong Buy” and a consensus price target of $19.50.

Serve Robotics Stock Up 2.1 %

NASDAQ:SERV opened at $18.88 on Wednesday. Serve Robotics has a twelve month low of $1.77 and a twelve month high of $24.35. The business has a 50 day moving average price of $12.57 and a two-hundred day moving average price of $10.13.

Insider Buying and Selling

In other news, COO Touraj Parang sold 50,000 shares of Serve Robotics stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $12.99, for a total transaction of $649,500.00. Following the completion of the transaction, the chief operating officer now directly owns 1,163,439 shares in the company, valued at approximately $15,113,072.61. The trade was a 4.12 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director James Buckly Jordan sold 64,408 shares of the business’s 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 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. Over the last three months, insiders have sold 253,027 shares of company stock worth $3,309,166. Insiders own 21.40% of the company’s stock.

Hedge Funds Weigh In On Serve Robotics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. State Street Corp acquired a new stake in shares of Serve Robotics during the 3rd quarter worth about $333,000. Geode Capital Management LLC lifted its position in Serve Robotics by 128.1% during the third quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock worth $1,041,000 after acquiring an additional 73,496 shares during the last quarter. Yong Rong HK Asset Management Ltd acquired a new stake in Serve Robotics during the third quarter worth approximately $9,636,000. Thomist Capital Management LP bought a new stake in shares of Serve Robotics during the second quarter worth approximately $407,000. Finally, Bfsg LLC acquired a new position in shares of Serve Robotics in the third quarter valued at 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.