Serve Robotics (NASDAQ:SERV) Sees Unusually-High Trading Volume – Here’s Why

Serve Robotics Inc. (NASDAQ:SERV) shares saw unusually-high trading volume on Friday . Approximately 2,879,825 shares traded hands during 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.

Wall Street Analysts Forecast Growth

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

Serve Robotics Stock Up 25.6 %

The stock has a fifty day moving average of $11.20 and a 200-day moving average of $9.07.

Insiders Place Their Bets

In other news, COO Touraj Parang sold 50,000 shares of the firm’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $12.99, for a total value of $649,500.00. Following the transaction, the chief operating officer now owns 1,163,439 shares of the company’s stock, valued at approximately $15,113,072.61. This trade represents a 4.12 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director James Buckly Jordan sold 64,408 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $8.57, for a total transaction of $551,976.56. Following the completion of the transaction, the director now owns 449,052 shares in the company, valued at $3,848,375.64. This represents 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 sold 207,462 shares of company stock valued at $2,375,472. Insiders own 21.40% of the company’s stock.

Institutional Investors Weigh In On Serve Robotics

Institutional investors have recently made changes to their positions in the stock. Yong Rong HK Asset Management Ltd acquired a new position in Serve Robotics during the third quarter valued at approximately $9,636,000. Thomist Capital Management LP bought a new stake in Serve Robotics during the 2nd quarter worth approximately $407,000. Geode Capital Management LLC raised its holdings in 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 buying an additional 73,496 shares during the period. PFG Investments LLC bought a new position in Serve Robotics in the second quarter valued at approximately $110,000. Finally, State Street Corp bought a new stake in shares of Serve Robotics during the third quarter worth $333,000.

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.