Serve Robotics (NASDAQ:SERV) Trading 8.6% Higher - Should You Buy?

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) was up 8.6% during trading on Monday . The stock traded as high as $21.43 and last traded at $21.15. Approximately 6,766,971 shares were traded during mid-day trading, a decline of 42% from the average daily volume of 11,636,837 shares. The stock had previously closed at $19.47.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Northland Capmk raised shares of Serve Robotics to a "strong-buy" rating in a report on Friday, October 18th. LADENBURG THALM/SH SH started coverage on shares of Serve Robotics in a research note on Monday, October 28th. They set a "buy" rating and a $16.00 target price for the company. Finally, Northland Securities raised their price target on Serve Robotics from $16.00 to $23.00 and gave the stock an "outperform" rating in a research note on Wednesday, January 15th. Two analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, Serve Robotics has an average rating of "Strong Buy" and a consensus price target of $19.50.

Serve Robotics Stock Performance

The company has a 50 day simple moving average of $16.52 and a two-hundred day simple moving average of $12.02.

Insider Transactions at Serve Robotics

In related news, COO Touraj Parang sold 50,000 shares of Serve Robotics stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $12.99, for a total transaction of $649,500.00. Following the transaction, the chief operating officer now directly owns 1,163,439 shares of the company's stock, valued at $15,113,072.61. This trade represents a 4.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Ali Kashani sold 37,500 shares of the business's stock in a transaction on Monday, January 6th. The stock was sold at an average price of $21.16, for a total value of $793,500.00. Following the completion of the transaction, the chief executive officer now directly owns 3,230,990 shares of the company's stock, valued at approximately $68,367,748.40. The trade was a 1.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 253,027 shares of company stock worth $3,309,166. 21.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Serve Robotics

Several institutional investors have recently bought and sold shares of SERV. Blue Trust Inc. acquired a new stake in shares of Serve Robotics during the fourth quarter worth $27,000. CIBC Private Wealth Group LLC acquired a new stake in shares of Serve Robotics during the fourth quarter worth $34,000. Bogart Wealth LLC acquired a new stake in shares of Serve Robotics during the fourth quarter worth $37,000. Larson Financial Group LLC acquired a new stake in shares of Serve Robotics during the third quarter worth $26,000. Finally, Bfsg LLC acquired a new stake in shares of Serve Robotics during the third quarter worth $38,000.

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.