Serve Robotics (NASDAQ:SERV) Shares Up 7.4% – Time to Buy?

Serve Robotics Inc. (NASDAQ:SERV)’s share price shot up 7.4% on Thursday . The stock traded as high as $15.92 and last traded at $15.19. 4,186,105 shares changed hands during mid-day trading, a decline of 56% from the average session volume of 9,423,439 shares. The stock had previously closed at $14.14.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on SERV. LADENBURG THALM/SH SH started coverage on Serve Robotics in a research note on Monday, October 28th. They set a “buy” rating and a $16.00 price objective for the company. Northland Securities started coverage on Serve Robotics in a report on Friday, October 18th. They issued an “outperform” rating and a $16.00 price target on the stock. Seaport Res Ptn raised Serve Robotics to a “strong-buy” rating in a report on Monday, October 7th. Finally, Northland Capmk raised shares of Serve Robotics to a “strong-buy” rating in a research note on Friday, October 18th. Two analysts have rated the stock with a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Strong Buy” and a consensus target price of $16.00.

Serve Robotics Trading Up 24.0 %

The firm has a 50-day moving average price of $10.51 and a 200 day moving average price of $8.58.

Insiders Place Their Bets

In other Serve Robotics news, CEO Ali Kashani sold 2,500 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $14.70, for a total value of $36,750.00. Following the completion of the sale, the chief executive officer now owns 3,295,990 shares in the company, valued at approximately $48,451,053. The trade was a 0.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director James Buckly Jordan sold 64,408 shares of Serve Robotics 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 transaction, the director now directly owns 449,052 shares in the company, valued at approximately $3,848,375.64. The trade was a 12.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 194,922 shares of company stock valued at $2,178,354. 21.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Serve Robotics

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Larson Financial Group LLC purchased a new position in Serve Robotics during the third quarter valued at $26,000. Bfsg LLC bought a new position in shares of Serve Robotics in the 3rd quarter worth about $38,000. Gordian Capital Singapore Pte Ltd purchased a new position in Serve Robotics during the 3rd quarter valued at about $68,000. Quantum Private Wealth LLC bought a new stake in Serve Robotics during the third quarter worth about $80,000. Finally, Quadrature Capital Ltd purchased a new stake in Serve Robotics in the third quarter worth about $148,000.

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.