Serve Robotics (NASDAQ:SERV) Trading 5% Higher – Still a Buy?

Serve Robotics Inc. (NASDAQ:SERV)’s stock price shot up 5% during trading on Friday . The company traded as high as $18.51 and last traded at $17.64. 8,078,200 shares traded hands during trading, a decline of 50% from the average session volume of 16,121,939 shares. The stock had previously closed at $16.80.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on SERV shares. LADENBURG THALM/SH SH began coverage on Serve Robotics in a report on Monday, October 28th. They issued a “buy” rating and a $16.00 price target for the company. Northland Capmk upgraded Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. Northland Securities assumed coverage on shares of Serve Robotics in a research note on Friday, October 18th. They set an “outperform” rating and a $16.00 price objective for the company. Finally, Seaport Res Ptn raised shares of Serve Robotics to a “strong-buy” rating in a research note on Monday, October 7th. Two 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 an average rating of “Strong Buy” and an average price target of $16.00.

Serve Robotics Trading Up 6.8 %

The stock’s fifty day moving average price is $11.99 and its 200-day moving average price is $9.65.

Insiders Place Their Bets

In other news, Director James Buckly Jordan sold 64,408 shares of the firm’s stock in a transaction on Thursday, November 21st. The stock was 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 directly owns 449,052 shares in the company, valued at $3,848,375.64. This trade represents a 12.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Ali Kashani sold 37,500 shares of Serve Robotics stock in a transaction on Monday, January 6th. The shares were sold at an average price of $21.16, for a total value of $793,500.00. Following the completion of the sale, the chief executive officer now directly owns 3,230,990 shares of the company’s stock, valued at $68,367,748.40. The trade was a 1.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 252,462 shares of company stock valued at $3,298,197 over the last quarter. 21.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Larson Financial Group LLC acquired a new stake in Serve Robotics during the 3rd quarter worth approximately $26,000. Bfsg LLC purchased a new stake in shares of Serve Robotics during the third quarter worth $38,000. Gordian Capital Singapore Pte Ltd acquired a new stake in shares of Serve Robotics in the third quarter valued at $68,000. Quantum Private Wealth LLC purchased a new position in Serve Robotics in the third quarter valued at $80,000. Finally, PFG Investments LLC acquired a new position in Serve Robotics during the 2nd quarter worth $110,000.

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.