Serve Robotics (NASDAQ:SERV) Trading Up 0.3% – Time to Buy?

Serve Robotics Inc. (NASDAQ:SERV)’s stock price traded up 0.3% during mid-day trading on Wednesday . The company traded as high as $7.60 and last traded at $7.22. 1,105,013 shares traded hands during trading, a decline of 89% from the average session volume of 9,671,938 shares. The stock had previously closed at $7.19.

Analyst Upgrades and Downgrades

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

Serve Robotics Price Performance

The firm has a market capitalization of $411.86 million and a PE ratio of -6.02. The firm has a 50-day simple moving average of $13.96 and a 200-day simple moving average of $11.57.

Insider Buying and Selling at Serve Robotics

In other news, CEO Ali Kashani sold 2,500 shares of the firm’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $14.70, for a total value of $36,750.00. Following the transaction, the chief executive officer now owns 3,295,990 shares of the company’s stock, valued at $48,451,053. This trade represents a 0.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last ninety days, insiders sold 66,570 shares of company stock valued at $1,222,484. Insiders own 21.40% of the company’s stock.

Institutional Investors Weigh In On Serve Robotics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Jefferies Financial Group Inc. lifted its holdings in Serve Robotics by 30.3% during the fourth quarter. Jefferies Financial Group Inc. now owns 17,200 shares of the company’s stock valued at $232,000 after purchasing an additional 4,000 shares in the last quarter. Two Sigma Investments LP purchased a new stake in Serve Robotics in the 4th quarter worth $815,000. Tidal Investments LLC raised its holdings in Serve Robotics by 57.6% during the fourth quarter. Tidal Investments LLC now owns 51,846 shares of the company’s stock valued at $700,000 after acquiring an additional 18,948 shares during the period. Man Group plc purchased a new position in shares of Serve Robotics in the fourth quarter valued at about $467,000. Finally, OMERS ADMINISTRATION Corp bought a new position in shares of Serve Robotics in the fourth quarter worth about $431,000.

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.