Serve Robotics (NASDAQ:SERV) Trading 5% Higher – Time to Buy?

Serve Robotics Inc. (NASDAQ:SERV)’s stock price rose 5% on Friday . The stock traded as high as $18.51 and last traded at $17.64. Approximately 8,078,200 shares changed hands during trading, a decline of 50% from the average daily volume of 16,121,939 shares. The stock had previously closed at $16.80.

Analyst Ratings Changes

Several equities research analysts have recently commented on SERV shares. Seaport Res Ptn upgraded shares of Serve Robotics to a “strong-buy” rating in a research report on Monday, October 7th. Northland Capmk raised Serve Robotics to a “strong-buy” rating in a report on Friday, October 18th. Northland Securities assumed coverage on Serve Robotics in a report on Friday, October 18th. They set an “outperform” rating and a $16.00 price target for the company. Finally, 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 objective on the stock. Two equities research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Strong Buy” and a consensus price target of $16.00.

Serve Robotics Price Performance

The firm has a 50-day moving average price of $12.16 and a 200 day moving average price of $9.82.

Insiders Place Their Bets

In other news, CEO Ali Kashani sold 31,791 shares of the business’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 sale, the chief executive officer now directly owns 3,346,998 shares in the company, valued at approximately $38,122,307.22. The trade was a 0.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director James Buckly Jordan sold 64,408 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The shares were 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 of the company’s stock, valued at $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 253,027 shares of company stock worth $3,309,166 in the last 90 days. Company insiders own 21.40% of the company’s stock.

Hedge Funds Weigh In On Serve Robotics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Larson Financial Group LLC bought a new stake in shares of Serve Robotics in the third quarter worth $26,000. Bfsg LLC bought a new stake in shares of Serve Robotics in the 3rd quarter valued at about $38,000. Gordian Capital Singapore Pte Ltd acquired a new stake in shares of Serve Robotics in the third quarter valued at about $68,000. Quantum Private Wealth LLC bought a new position in shares of Serve Robotics during the third quarter worth about $80,000. Finally, Quadrature Capital Ltd acquired a new position in shares of Serve Robotics in the third quarter worth approximately $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.