Serve Robotics (NASDAQ:SERV) Trading Up 8.1% – Still a Buy?

Serve Robotics Inc. (NASDAQ:SERV)’s stock price was up 8.1% during mid-day trading on Monday . The company traded as high as $24.35 and last traded at $20.57. Approximately 16,575,115 shares traded hands during mid-day trading, an increase of 20% from the average daily volume of 13,855,684 shares. The stock had previously closed at $19.03.

Wall Street Analyst Weigh In

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

Serve Robotics Trading Down 9.7 %

The business has a fifty day moving average price of $11.75 and a 200 day moving average price of $9.55.

Insider Activity at Serve Robotics

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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Ali Kashani sold 37,500 shares of the firm’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $21.16, for a total value of $793,500.00. Following the completion of the transaction, the chief executive officer now directly owns 3,230,990 shares of the company’s stock, valued at approximately $68,367,748.40. This trade represents 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 worth $3,298,197 in the last ninety days. 21.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Serve Robotics

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

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.