Serve Robotics (NASDAQ:SERV) Reaches New 52-Week High – Here’s Why

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

Wall Street Analyst Weigh In

Several analysts have recently weighed in on SERV shares. Northland Capmk raised Serve Robotics to a “strong-buy” rating in a 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 price objective for the company. Northland Securities started coverage on shares of Serve Robotics in a research report on Friday, October 18th. They set an “outperform” rating and a $16.00 target price on the stock. Finally, Seaport Res Ptn upgraded 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 issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Strong Buy” and a consensus price target of $16.00.

Serve Robotics Stock Performance

The company has a 50 day simple moving average of $11.75 and a 200 day simple moving average of $9.55.

Insider Transactions at Serve Robotics

In other news, CEO Ali Kashani sold 9,719 shares of the firm’s 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 in the company, valued at approximately $29,425,437.26. This trade represents a 0.29 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Touraj Parang sold 50,000 shares of the business’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $12.99, for a total transaction of $649,500.00. Following the transaction, the chief operating officer now owns 1,163,439 shares in the company, valued at approximately $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 252,462 shares of company stock worth $3,298,197 over the last 90 days. 21.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Serve Robotics

Institutional investors have recently added to or reduced their stakes in the business. Tidal Investments LLC acquired a new stake in shares of Serve Robotics in the 3rd quarter valued at approximately $262,000. Geode Capital Management LLC boosted its position in shares of Serve Robotics by 128.1% during the 3rd quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock worth $1,041,000 after purchasing an additional 73,496 shares in the last quarter. Gordian Capital Singapore Pte Ltd acquired a new position in shares of Serve Robotics during the 3rd quarter worth $68,000. State Street Corp purchased a new position in shares of Serve Robotics in the 3rd quarter valued at about $333,000. Finally, Quadrature Capital Ltd acquired a new stake in shares of Serve Robotics in the third quarter valued at about $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.