Serve Robotics (NASDAQ:SERV) Trading 10.6% Higher – Should You Buy?

Serve Robotics Inc. (NASDAQ:SERV)’s share price was up 10.6% during trading on Tuesday . The stock traded as high as $17.34 and last traded at $16.35. Approximately 7,572,444 shares changed hands during trading, a decline of 51% from the average daily volume of 15,596,266 shares. The stock had previously closed at $14.78.

Analyst Upgrades and Downgrades

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

Serve Robotics Trading Up 6.8 %

The company has a fifty day simple moving average of $12.27 and a 200-day simple moving average of $9.97.

Insider Buying and Selling at Serve Robotics

In other news, COO Touraj Parang sold 50,000 shares of the business’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $12.99, for a total value of $649,500.00. Following the sale, the chief operating officer now directly owns 1,163,439 shares in the company, valued at $15,113,072.61. The trade was a 4.12 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Ali Kashani sold 2,500 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $13.52, for a total value of $33,800.00. Following the sale, the chief executive officer now owns 3,344,498 shares in the company, valued at approximately $45,217,612.96. This trade represents a 0.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 253,027 shares of company stock valued at $3,309,166 in the last three months. 21.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. Larson Financial Group LLC bought a new stake in shares of Serve Robotics during the third quarter worth $26,000. Bfsg LLC purchased a new position in Serve Robotics in the 3rd quarter worth about $38,000. Gordian Capital Singapore Pte Ltd bought a new stake in Serve Robotics during the 3rd quarter valued at about $68,000. Quantum Private Wealth LLC purchased a new stake in Serve Robotics in the 3rd quarter valued at about $80,000. Finally, Quadrature Capital Ltd bought a new position in Serve Robotics in the 3rd quarter worth about $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.