Serve Robotics (NASDAQ:SERV) Trading 7.4% Higher – Time to Buy?

Serve Robotics Inc. (NASDAQ:SERV)’s stock price shot up 7.4% during mid-day trading on Thursday . The company traded as high as $15.92 and last traded at $15.19. 4,186,105 shares traded hands during trading, a decline of 56% from the average session volume of 9,423,439 shares. The stock had previously closed at $14.14.

Wall Street Analysts Forecast Growth

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

Serve Robotics Trading Up 24.0 %

The stock’s fifty day simple moving average is $10.51 and its 200 day simple moving average is $8.58.

Insider Activity

In other Serve Robotics news, Director James Buckly Jordan sold 64,408 shares of the company’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 completion of the transaction, the director now directly owns 449,052 shares in the company, valued at $3,848,375.64. This represents a 12.54 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Touraj Parang sold 50,000 shares of the business’s stock in a transaction 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 $15,113,072.61. This trade represents a 4.12 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 194,922 shares of company stock valued at $2,178,354 in the last ninety days. Corporate insiders own 21.40% of the company’s stock.

Institutional Investors Weigh In On Serve Robotics

Large investors have recently made changes to their positions in the company. PFG Investments LLC bought a new position in Serve Robotics during the second quarter valued at approximately $110,000. Thomist Capital Management LP bought a new position in shares of Serve Robotics during the 2nd quarter valued at approximately $407,000. Bfsg LLC purchased a new position in shares of Serve Robotics in the third quarter valued at $38,000. Harbour Capital Advisors LLC bought a new stake in Serve Robotics in the third quarter worth $198,000. Finally, Yong Rong HK Asset Management Ltd purchased a new stake in Serve Robotics during the third quarter valued at $9,636,000.

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.