Serve Robotics (NASDAQ:SERV) Trading Up 1.5% – Should You Buy?

Serve Robotics Inc. (NASDAQ:SERV)’s stock price was up 1.5% on Tuesday . The company traded as high as $7.15 and last traded at $6.78. Approximately 1,968,114 shares changed hands during trading, a decline of 83% from the average daily volume of 11,343,354 shares. The stock had previously closed at $6.68.

Analyst Upgrades and Downgrades

Separately, Northland Securities set a $23.00 price objective on Serve Robotics in a research report on Tuesday, February 18th. Two investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Strong Buy” and a consensus target price of $19.50.

Serve Robotics Trading Up 4.7 %

The firm’s 50-day simple moving average is $15.12 and its two-hundred day simple moving average is $11.65. The stock has a market capitalization of $309.86 million and a PE ratio of -5.83.

Insider Activity

In related news, CEO Ali Kashani sold 2,500 shares of the stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $12.48, for a total value of $31,200.00. Following the completion of the sale, the chief executive officer now directly owns 3,329,498 shares of the company’s stock, valued at approximately $41,552,135.04. This represents a 0.08 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last quarter, insiders have sold 93,031 shares of company stock worth $1,613,030. 21.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Serve Robotics

A number of large investors have recently made changes to their positions in SERV. Blue Trust Inc. acquired a new stake in shares of Serve Robotics during the fourth quarter worth approximately $27,000. CIBC Private Wealth Group LLC acquired a new stake in shares of Serve Robotics during the 4th quarter valued at $34,000. Bogart Wealth LLC purchased a new position in shares of Serve Robotics during the 4th quarter valued at $37,000. Larson Financial Group LLC acquired a new position in shares of Serve Robotics in the third quarter worth $26,000. Finally, Jefferies Financial Group Inc. raised its holdings in shares of Serve Robotics by 30.3% during the fourth quarter. Jefferies Financial Group Inc. now owns 17,200 shares of the company’s stock worth $232,000 after acquiring an additional 4,000 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.