Serve Robotics (NASDAQ:SERV) Sees Strong Trading Volume – Still a Buy?

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

SERV has been the subject of a number of research analyst reports. Northland Securities initiated coverage on Serve Robotics in a research report on Friday, October 18th. They issued an “outperform” rating and a $16.00 price target for the company. Northland Capmk upgraded shares of Serve Robotics to a “strong-buy” rating in a report on Friday, October 18th. LADENBURG THALM/SH SH initiated coverage on shares of Serve Robotics in a report on Monday, October 28th. They issued a “buy” rating and a $16.00 price target on the stock. 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 given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Strong Buy” and a consensus target price of $16.00.

Serve Robotics Stock Up 28.9 %

The firm’s 50 day moving average is $11.39 and its two-hundred day moving average is $9.23.

Insider Activity

In related news, Director James Buckly Jordan sold 64,408 shares of the company’s stock in a transaction 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 approximately $3,848,375.64. This represents a 12.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Touraj Parang sold 50,000 shares of the firm’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $12.99, for a total value of $649,500.00. Following the completion of the sale, the chief operating officer now directly owns 1,163,439 shares in the company, valued at approximately $15,113,072.61. The trade was a 4.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 207,462 shares of company stock valued at $2,375,472 over the last 90 days. Insiders own 21.40% of the company’s stock.

Hedge Funds Weigh In On Serve Robotics

A number of large investors have recently bought and sold shares of the stock. Larson Financial Group LLC acquired a new stake in shares of Serve Robotics during the 3rd quarter worth $26,000. Bfsg LLC acquired a new stake in Serve Robotics during the third quarter worth about $38,000. Gordian Capital Singapore Pte Ltd acquired a new stake in Serve Robotics during the third quarter worth about $68,000. Quantum Private Wealth LLC acquired a new position in shares of Serve Robotics in the 3rd quarter valued at about $80,000. Finally, Quadrature Capital Ltd purchased a new stake in shares of Serve Robotics during the 3rd quarter worth about $148,000.

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.