Serve Robotics (NASDAQ:SERV) Trading Up 6.4% – Still a Buy?

Serve Robotics Inc. (NASDAQ:SERV)’s stock price shot up 6.4% during trading on Friday . The stock traded as high as $14.40 and last traded at $14.21. 3,259,097 shares traded hands during trading, a decline of 65% from the average session volume of 9,405,316 shares. The stock had previously closed at $13.36.

Analyst Ratings Changes

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

Serve Robotics Stock Performance

The stock has a 50 day simple moving average of $10.18 and a two-hundred day simple moving average of $8.30.

Insider Activity at Serve Robotics

In related news, Director James Buckly Jordan sold 64,408 shares of the firm’s stock in a transaction 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 sale, the director now owns 449,052 shares in the company, valued at approximately $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 Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ali Kashani sold 31,791 shares of the company’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $11.39, for a total transaction of $362,099.49. Following the completion of the transaction, the chief executive officer now owns 3,346,998 shares of the company’s stock, valued at approximately $38,122,307.22. This trade represents a 0.94 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 192,422 shares of company stock worth $2,141,604. 21.40% of the stock is owned by corporate insiders.

Institutional Trading of Serve Robotics

Several institutional investors have recently bought and sold shares of SERV. PFG Investments LLC acquired a new position in shares of Serve Robotics during the 2nd quarter worth approximately $110,000. Thomist Capital Management LP acquired a new position in Serve Robotics during the second quarter worth $407,000. Bfsg LLC acquired a new position in Serve Robotics during the third quarter worth $38,000. Harbour Capital Advisors LLC acquired a new stake in shares of Serve Robotics in the third quarter valued at about $198,000. Finally, Yong Rong HK Asset Management Ltd purchased a new stake in shares of Serve Robotics during the third quarter worth about $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.