Serve Robotics (NASDAQ:SERV) Shares Up 2.8% - Time to Buy?

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s stock price rose 2.8% on Friday . The company traded as high as $19.80 and last traded at $19.41. Approximately 4,265,717 shares were traded during trading, a decline of 71% from the average daily volume of 14,871,010 shares. The stock had previously closed at $18.88.

Analysts Set New Price Targets

A number of brokerages have recently commented on SERV. LADENBURG THALM/SH SH started coverage on shares of Serve Robotics in a research report on Monday, October 28th. They issued a "buy" rating and a $16.00 price objective on the stock. Northland Capmk upgraded shares of Serve Robotics to a "strong-buy" rating in a research note on Friday, October 18th. Seaport Res Ptn upgraded Serve Robotics to a "strong-buy" rating in a report on Monday, October 7th. Finally, Northland Securities raised their price target on Serve Robotics from $16.00 to $23.00 and gave the company an "outperform" rating in a research note on Wednesday. Two research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat, Serve Robotics presently has an average rating of "Strong Buy" and a consensus price target of $19.50.

Serve Robotics Trading Down 3.3 %

The business has a 50-day simple moving average of $12.91 and a two-hundred day simple moving average of $10.36.

Insider Buying and Selling at Serve Robotics

In related news, Director James Buckly Jordan sold 64,408 shares of Serve Robotics stock in a transaction that occurred 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 sale, the director now directly owns 449,052 shares of the company's stock, valued at approximately $3,848,375.64. This trade represents a 12.54 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Ali Kashani sold 9,719 shares of the company's stock in a transaction on Monday, November 25th. The shares were sold at an average price of $8.77, for a total value of $85,235.63. Following the completion of the transaction, the chief executive officer now directly owns 3,355,238 shares in the company, valued at approximately $29,425,437.26. This represents a 0.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 253,027 shares of company stock worth $3,309,166 over the last ninety days. Insiders own 21.40% of the company's stock.

Hedge Funds Weigh In On Serve Robotics

A number of hedge funds have recently bought and sold shares of SERV. Larson Financial Group LLC acquired a new position in shares of Serve Robotics during the 3rd quarter worth approximately $26,000. Bfsg LLC bought a new stake in shares of Serve Robotics in the third quarter valued at approximately $38,000. Gordian Capital Singapore Pte Ltd acquired a new stake in Serve Robotics during the third quarter worth approximately $68,000. Quantum Private Wealth LLC bought a new position in Serve Robotics during the 3rd quarter worth $80,000. Finally, SG Americas Securities LLC acquired a new position in Serve Robotics in the 4th quarter valued at $114,000.

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.