Serve Robotics (NASDAQ:SERV) Sees Unusually-High Trading Volume – Should You Buy?

Serve Robotics Inc. (NASDAQ:SERV) saw unusually-high trading volume on Friday . Approximately 28,436,639 shares changed hands during mid-day trading, an increase of 136% from the previous session’s volume of 12,051,827 shares.The stock last traded at $14.07 and had previously closed at $22.92.

Wall Street Analyst Weigh In

SERV has been the subject of a number of analyst reports. Northland Capmk upgraded Serve Robotics to a “strong-buy” rating in a report on Friday, October 18th. LADENBURG THALM/SH SH initiated coverage on Serve Robotics in a report on Monday, October 28th. They issued a “buy” rating and a $16.00 price target for the company. Finally, Northland Securities upped their price target on Serve Robotics from $16.00 to $23.00 and gave the stock an “outperform” rating in a report on Wednesday, January 15th. Two analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Strong Buy” and a consensus target price of $19.50.

Serve Robotics Stock Performance

The company has a 50-day moving average of $16.48 and a 200-day moving average of $12.06.

Insider Activity at Serve Robotics

In related news, COO Touraj Parang sold 50,000 shares of the company’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $12.99, for a total transaction of $649,500.00. Following the completion of the transaction, the chief operating officer now directly owns 1,163,439 shares in the company, valued at $15,113,072.61. This represents a 4.12 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ali Kashani sold 9,719 shares of the company’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $8.77, for a total value of $85,235.63. Following the transaction, the chief executive officer now owns 3,355,238 shares of the company’s stock, valued at approximately $29,425,437.26. The trade was a 0.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 253,027 shares of company stock valued at $3,309,166. Corporate insiders own 21.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Blue Trust Inc. bought a new position in shares of Serve Robotics in the fourth quarter worth $27,000. CIBC Private Wealth Group LLC bought a new position in shares of Serve Robotics in the fourth quarter worth $34,000. Bogart Wealth LLC bought a new position in shares of Serve Robotics in the fourth quarter worth $37,000. Larson Financial Group LLC bought a new position in shares of Serve Robotics in the third quarter worth $26,000. Finally, Bfsg LLC bought a new position in shares of Serve Robotics in the third quarter worth $38,000.

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.