Serve Robotics (NASDAQ:SERV) Stock Price Up 2.5% - Here's Why

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) was up 2.5% during trading on Wednesday . The stock traded as high as $7.64 and last traded at $7.15. Approximately 1,954,147 shares were traded during trading, a decline of 83% from the average daily volume of 11,201,624 shares. The stock had previously closed at $6.97.

Wall Street Analysts Forecast Growth

Separately, Northland Securities set a $23.00 price target on shares of Serve Robotics in a report on Tuesday, February 18th. Two investment analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Strong Buy" and a consensus target price of $19.50.

Serve Robotics Stock Performance

The company has a market cap of $346.85 million and a PE ratio of -6.53. The stock's 50-day simple moving average is $14.49 and its 200 day simple moving average is $11.59.

Insider Activity

In other news, CEO Ali Kashani sold 2,500 shares of the stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $14.70, for a total value of $36,750.00. Following the completion of the transaction, the chief executive officer now owns 3,295,990 shares in the company, valued at $48,451,053. This trade represents a 0.08 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders sold 68,031 shares of company stock worth $1,245,905 in the last 90 days. 21.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Serve Robotics

Several hedge funds have recently added to or reduced their stakes in SERV. Larson Financial Group LLC acquired a new stake in shares of Serve Robotics during the 3rd quarter worth about $26,000. Blue Trust Inc. purchased a new position in Serve Robotics in the fourth quarter valued at approximately $27,000. CIBC Private Wealth Group LLC purchased a new position in Serve Robotics in the fourth quarter valued at approximately $34,000. Bogart Wealth LLC purchased a new position in Serve Robotics in the fourth quarter valued at approximately $37,000. Finally, Gordian Capital Singapore Pte Ltd purchased a new position in Serve Robotics in the third quarter valued at approximately $68,000.

Serve Robotics Company Profile

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.