Serve Robotics (NASDAQ:SERV) Shares Up 2.8% – Time to Buy?

Serve Robotics Inc. (NASDAQ:SERV) was up 2.8% on Friday . The stock traded as high as $19.80 and last traded at $19.41. Approximately 4,265,717 shares were traded during mid-day trading, a decline of 71% from the average daily volume of 14,871,010 shares. The stock had previously closed at $18.88.

Analysts Set New Price Targets

Several research firms recently issued reports on SERV. Northland Securities upped their target price on Serve Robotics from $16.00 to $23.00 and gave the stock an “outperform” rating in a report on Wednesday. LADENBURG THALM/SH SH began coverage on shares of Serve Robotics in a research note on Monday, October 28th. They issued a “buy” rating and a $16.00 price target for the company. Seaport Res Ptn upgraded shares of Serve Robotics to a “strong-buy” rating in a research note on Monday, October 7th. Finally, Northland Capmk raised shares of Serve Robotics to a “strong-buy” rating in a report on Friday, October 18th. Two 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, Serve Robotics currently has an average rating of “Strong Buy” and a consensus target price of $19.50.

Serve Robotics Stock Down 0.6 %

The stock’s 50 day moving average is $12.73 and its 200 day moving average is $10.19.

Insider Buying and Selling at Serve Robotics

In other news, CEO Ali Kashani sold 9,719 shares of Serve Robotics stock in a transaction on Monday, November 25th. The stock was sold at an average price of $8.77, for a total value of $85,235.63. Following the transaction, 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Touraj Parang sold 50,000 shares of the company’s 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 transaction, the chief operating officer now owns 1,163,439 shares of the company’s stock, valued at approximately $15,113,072.61. This represents a 4.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 253,027 shares of company stock valued at $3,309,166 in the last ninety days. 21.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Serve Robotics

Institutional investors and hedge funds have recently made changes to their positions in the stock. SG Americas Securities LLC bought a new stake in Serve Robotics during the fourth quarter valued at $114,000. Atomi Financial Group Inc. acquired a new position in shares of Serve Robotics in the 4th quarter valued at about $209,000. Harbour Capital Advisors LLC boosted its position in shares of Serve Robotics by 102.4% during the 4th quarter. Harbour Capital Advisors LLC now owns 50,365 shares of the company’s stock valued at $680,000 after purchasing an additional 25,475 shares in the last quarter. Tidal Investments LLC acquired a new stake in Serve Robotics during the third quarter worth approximately $262,000. Finally, Geode Capital Management LLC grew its stake 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 purchasing an additional 73,496 shares during the period.

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.