Serve Robotics (NASDAQ:SERV) Shares Up 19.1% – Still a Buy?

Serve Robotics Inc. (NASDAQ:SERV) shares were up 19.1% on Friday . The company traded as high as $18.11 and last traded at $17.58. Approximately 8,541,712 shares were traded during mid-day trading, an increase of 7% from the average daily volume of 7,961,670 shares. The stock had previously closed at $14.76.

Analyst Upgrades and Downgrades

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

Serve Robotics Stock Performance

The stock’s 50 day moving average is $11.39 and its 200 day moving average is $9.23.

Insiders Place Their Bets

In other news, Director James Buckly Jordan sold 64,408 shares of the company’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $8.57, for a total transaction of $551,976.56. Following the sale, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Ali Kashani sold 7,500 shares of the stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $16.50, for a total transaction of $123,750.00. Following the completion of the sale, the chief executive officer now directly owns 3,283,490 shares in the company, valued at approximately $54,177,585. The trade was a 0.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 207,462 shares of company stock worth $2,375,472 over the last 90 days. Corporate insiders own 21.40% of the company’s stock.

Institutional Trading of Serve Robotics

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

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.