Serve Robotics (NASDAQ:SERV) Stock Price Up 2.5% – Should You Buy?

Serve Robotics Inc. (NASDAQ:SERV) traded up 2.5% during mid-day trading on Wednesday . The company traded as high as $7.64 and last traded at $7.15. 1,954,147 shares changed hands during trading, a decline of 83% from the average session volume of 11,201,624 shares. The stock had previously closed at $6.97.

Wall Street Analyst Weigh In

Separately, Northland Securities set a $23.00 price target on Serve Robotics in a research report on Tuesday, February 18th. Two analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company’s stock. According to 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’s 50 day moving average price is $14.99 and its 200-day moving average price is $11.63. The company has a market cap of $330.29 million and a price-to-earnings ratio of -6.20.

Insider Buying and Selling

In other news, CEO Ali Kashani sold 2,500 shares of the company’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $12.48, for a total transaction 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 $41,552,135.04. This represents a 0.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Over the last ninety days, insiders sold 93,031 shares of company stock worth $1,613,030. Corporate insiders own 21.40% of the company’s stock.

Institutional Trading of Serve Robotics

A number of hedge funds have recently bought and sold shares of the company. Uber Technologies Inc purchased a new position in shares of Serve Robotics in the fourth quarter worth approximately $71,534,000. Vanguard Group Inc. boosted its stake in Serve Robotics by 74.6% in the 4th 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 during the period. Exchange Traded Concepts LLC purchased a new position in Serve Robotics during the 4th quarter worth approximately $9,066,000. Legal & General Group Plc acquired a new stake in Serve Robotics during the 4th quarter valued at $6,629,000. Finally, Captrust Financial Advisors purchased a new stake in shares of Serve Robotics in the fourth quarter valued at $3,672,000.

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.