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

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

Analyst Upgrades and Downgrades

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

Serve Robotics Trading Up 19.8 %

The stock’s fifty day simple moving average is $11.39 and its two-hundred day simple moving average is $9.28.

Insider Buying and Selling

In other Serve Robotics news, 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 sale, the director now directly owns 449,052 shares of the company’s stock, valued at $3,848,375.64. This trade represents a 12.54 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Ali Kashani sold 31,791 shares of the business’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $11.39, for a total transaction of $362,099.49. Following the transaction, the chief executive officer now directly owns 3,346,998 shares of the company’s stock, valued at approximately $38,122,307.22. This trade represents a 0.94 % decrease in their position. 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 quarter. 21.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Tidal Investments LLC acquired a new position in shares of Serve Robotics during the third quarter worth approximately $262,000. Geode Capital Management LLC boosted its position in Serve Robotics by 128.1% during the 3rd quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock worth $1,041,000 after acquiring an additional 73,496 shares during the period. Gordian Capital Singapore Pte Ltd bought a new position in shares of Serve Robotics in the third quarter worth $68,000. State Street Corp acquired a new position in shares of Serve Robotics during the third quarter valued at $333,000. Finally, Quadrature Capital Ltd bought a new stake in shares of Serve Robotics during the third 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.