Serve Robotics (NASDAQ:SERV) Reaches New 12-Month High – Still a Buy?

Serve Robotics Inc. (NASDAQ:SERV)’s stock price hit a new 52-week high during trading on Monday . The stock traded as high as $24.35 and last traded at $22.40, with a volume of 8130997 shares traded. The stock had previously closed at $19.03.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Seaport Res Ptn raised Serve Robotics to a “strong-buy” rating in a research note on Monday, October 7th. 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 report on Friday, October 18th. They issued an “outperform” rating and a $16.00 price objective on the stock. Finally, LADENBURG THALM/SH SH initiated coverage on shares of Serve Robotics in a report on Monday, October 28th. They set a “buy” rating and a $16.00 target price for the company. Two investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Strong Buy” and a consensus price target of $16.00.

Serve Robotics Trading Down 18.7 %

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

Insider Activity at Serve Robotics

In other Serve Robotics news, CEO Ali Kashani sold 37,500 shares of Serve Robotics stock in a transaction that occurred 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 approximately $68,367,748.40. The trade was a 1.15 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director James Buckly Jordan sold 64,408 shares of the 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 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 position. The disclosure for this sale can be found here. Insiders have sold a total of 252,462 shares of company stock valued at $3,298,197 over the last quarter. Insiders own 21.40% of the company’s stock.

Institutional Investors Weigh In On Serve Robotics

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