Serve Robotics (NASDAQ:SERV) Stock Price Up 10.3% – Still a Buy?

Serve Robotics Inc. (NASDAQ:SERV) shot up 10.3% on Thursday . The stock traded as high as $15.11 and last traded at $14.89. 4,055,929 shares changed hands during trading, a decline of 57% from the average session volume of 9,460,457 shares. The stock had previously closed at $13.50.

Wall Street Analysts Forecast Growth

Several analysts recently commented on SERV shares. Northland Securities started 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. LADENBURG THALM/SH SH initiated coverage on shares of Serve Robotics in a research report on Monday, October 28th. They set a “buy” rating and a $16.00 price target for the company. Seaport Res Ptn upgraded shares of Serve Robotics to a “strong-buy” rating in a research note on Monday, October 7th. Finally, Northland Capmk upgraded shares of Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. Two 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 MarketBeat.com, the company currently has a consensus rating of “Strong Buy” and a consensus price target of $16.00.

Serve Robotics Price Performance

The business has a 50-day simple moving average of $11.10 and a 200 day simple moving average of $9.03.

Insiders Place Their Bets

In other news, COO Touraj Parang sold 50,000 shares of the company’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $12.99, for a total value of $649,500.00. Following the completion of the transaction, the chief operating officer now owns 1,163,439 shares of the company’s stock, valued at $15,113,072.61. This represents a 4.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Ali Kashani sold 7,500 shares of Serve Robotics stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $16.50, for a total value of $123,750.00. Following the sale, the chief executive officer now directly owns 3,283,490 shares in the company, valued at $54,177,585. This trade represents a 0.23 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 207,422 shares of company stock worth $2,374,854. Company insiders own 21.40% of the company’s stock.

Institutional Investors Weigh In On Serve Robotics

A number of institutional investors have recently added to or reduced their stakes in the stock. Larson Financial Group LLC bought a new position in shares of Serve Robotics during the third quarter worth $26,000. Bfsg LLC purchased a new position in shares of Serve Robotics during the third quarter valued at about $38,000. Gordian Capital Singapore Pte Ltd bought a new stake in shares of Serve Robotics in the third quarter worth about $68,000. Quantum Private Wealth LLC purchased a new stake in shares of Serve Robotics in the third quarter worth about $80,000. Finally, PFG Investments LLC bought a new position in Serve Robotics during the second quarter valued at approximately $110,000.

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.