Serve Robotics (NASDAQ:SERV) Trading Up 5% - Time to Buy?

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) traded up 5% on Friday . The stock traded as high as $18.51 and last traded at $17.64. 8,078,200 shares traded hands during trading, a decline of 50% from the average session volume of 16,121,939 shares. The stock had previously closed at $16.80.

Analyst Ratings Changes

Several analysts have recently commented on the company. Northland Securities assumed coverage on Serve Robotics in a research note on Friday, October 18th. They issued an "outperform" rating and a $16.00 target price for the company. LADENBURG THALM/SH SH started coverage on Serve Robotics in a report on Monday, October 28th. They set a "buy" rating and a $16.00 price objective for the company. Northland Capmk upgraded Serve Robotics to a "strong-buy" rating in a report on Friday, October 18th. Finally, Seaport Res Ptn raised shares of Serve Robotics to a "strong-buy" rating in a research report on Monday, October 7th. Two research analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Strong Buy" and a consensus price target of $16.00.

Serve Robotics Stock Performance

The business has a fifty day simple moving average of $12.16 and a 200 day simple moving average of $9.77.

Insider Buying and Selling

In other news, Director James Buckly Jordan sold 64,408 shares of the business's stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $8.57, for a total value of $551,976.56. Following the transaction, the director now owns 449,052 shares in the company, valued at $3,848,375.64. The trade was a 12.54 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ali Kashani sold 9,719 shares of the stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 3,355,238 shares of the company's stock, valued at $29,425,437.26. The trade was a 0.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 253,027 shares of company stock worth $3,309,166. 21.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of SERV. Larson Financial Group LLC purchased a new stake in shares of Serve Robotics during the 3rd quarter worth approximately $26,000. Bfsg LLC purchased a new stake in Serve Robotics in the third quarter worth $38,000. Gordian Capital Singapore Pte Ltd bought a new stake in shares of Serve Robotics in the third quarter valued at $68,000. Quantum Private Wealth LLC bought a new stake in shares of Serve Robotics in the third quarter valued at $80,000. Finally, Quadrature Capital Ltd purchased a new position in shares of Serve Robotics during the 3rd quarter valued at $148,000.

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.