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

Shares of Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) traded up 2.8% during mid-day trading on Wednesday . The stock traded as high as $19.58 and last traded at $19.37. 3,254,230 shares changed hands during trading, a decline of 71% from the average session volume of 11,415,039 shares. The stock had previously closed at $18.84.

Wall Street Analysts Forecast Growth

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

Serve Robotics Stock Down 39.6 %

The business's 50 day moving average is $16.52 and its two-hundred day moving average is $12.02.

Insider Activity

In other news, COO Touraj Parang sold 50,000 shares of Serve Robotics stock in a transaction 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 completion of the sale, the chief operating officer now directly owns 1,163,439 shares of the company's stock, valued at approximately $15,113,072.61. The trade was a 4.12 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Ali Kashani sold 37,500 shares of Serve Robotics stock in a transaction on Monday, January 6th. The stock was sold at an average price of $21.16, for a total transaction of $793,500.00. Following the sale, the chief executive officer now directly owns 3,230,990 shares of the company's stock, valued at $68,367,748.40. This represents a 1.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 253,027 shares of company stock worth $3,309,166 in the last three months. Corporate insiders own 21.40% of the company's stock.

Institutional Trading of Serve Robotics

Hedge funds have recently made changes to their positions in the stock. State Street Corp bought a new stake in shares of Serve Robotics during the 3rd quarter worth $333,000. Exchange Traded Concepts LLC bought a new stake in Serve Robotics in the fourth quarter worth $9,066,000. Atomi Financial Group Inc. purchased a new stake in Serve Robotics during the fourth quarter valued at about $209,000. Geode Capital Management LLC boosted its position in Serve Robotics by 128.1% during the third quarter. Geode Capital Management LLC now owns 130,853 shares of the company's stock valued at $1,041,000 after buying an additional 73,496 shares during the period. Finally, Yong Rong HK Asset Management Ltd purchased a new stake in Serve Robotics during the third quarter valued at about $9,636,000.

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.