Serve Robotics (NASDAQ:SERV) Stock Price Up 2.8% – Still a Buy?

Serve Robotics Inc. (NASDAQ:SERV)’s stock price rose 2.8% during mid-day trading on Wednesday . The stock traded as high as $19.58 and last traded at $19.37. Approximately 3,254,230 shares were traded during trading, a decline of 71% from the average daily volume of 11,415,039 shares. The stock had previously closed at $18.84.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on SERV. Northland Capmk raised Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. Northland Securities increased their price target on shares of Serve Robotics from $16.00 to $23.00 and gave the company an “outperform” rating in a research note on Wednesday, January 15th. Finally, 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 objective 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. Based on data from MarketBeat.com, Serve Robotics currently has an average rating of “Strong Buy” and a consensus price target of $19.50.

Serve Robotics Trading Up 3.8 %

The stock has a 50-day moving average price of $15.99 and a 200 day moving average price of $11.93.

Insiders Place Their Bets

In related 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 transaction of $551,976.56. Following the completion of 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 document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Ali Kashani sold 37,500 shares of the business’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $21.16, for a total transaction of $793,500.00. Following the completion of the transaction, the chief executive officer now directly owns 3,230,990 shares in the company, valued at $68,367,748.40. This represents a 1.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 253,027 shares of company stock valued at $3,309,166 over the last quarter. Company insiders own 21.40% of the company’s stock.

Institutional Trading of Serve Robotics

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Serve Robotics by 74.6% during the fourth quarter. Vanguard Group Inc. now owns 1,274,303 shares of the company’s stock worth $17,203,000 after purchasing an additional 544,537 shares in the last quarter. Yong Rong HK Asset Management Ltd purchased a new position in shares of Serve Robotics during the 3rd quarter worth approximately $9,636,000. Exchange Traded Concepts LLC acquired a new stake in shares of Serve Robotics in the 4th quarter valued at approximately $9,066,000. Raymond James Financial Inc. purchased a new stake in shares of Serve Robotics in the fourth quarter valued at approximately $1,978,000. Finally, Geode Capital Management LLC boosted its stake in shares of Serve Robotics by 128.1% in the third quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock valued at $1,041,000 after buying an additional 73,496 shares in the last quarter.

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.