Serve Robotics (NASDAQ:SERV) Stock Price Up 8.6% - Time to Buy?

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s share price traded up 8.6% on Monday . The stock traded as high as $21.43 and last traded at $21.15. 6,766,971 shares changed hands during trading, a decline of 42% from the average session volume of 11,636,837 shares. The stock had previously closed at $19.47.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on SERV shares. Northland Securities boosted their price objective on shares of Serve Robotics from $16.00 to $23.00 and gave the company an "outperform" rating in a research report on Wednesday, January 15th. LADENBURG THALM/SH SH initiated coverage on Serve Robotics in a report on Monday, October 28th. They set a "buy" rating and a $16.00 price target for the company. Finally, Northland Capmk upgraded Serve Robotics to a "strong-buy" rating in a research report on Friday, October 18th. Two analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Strong Buy" and a consensus target price of $19.50.

Serve Robotics Stock Performance

The business's 50 day moving average is $16.21 and its two-hundred day moving average is $11.99.

Insider Transactions at Serve Robotics

In other Serve Robotics news, COO Touraj Parang sold 50,000 shares of the business's stock in a transaction on Monday, December 9th. The shares were sold at an average price of $12.99, for a total value of $649,500.00. Following the sale, the chief operating officer now owns 1,163,439 shares in the company, valued at $15,113,072.61. The trade was a 4.12 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director James Buckly Jordan sold 64,408 shares of the stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $8.57, for a total transaction of $551,976.56. Following the transaction, the director now directly owns 449,052 shares of the company's stock, valued at $3,848,375.64. This trade represents a 12.54 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 253,027 shares of company stock valued at $3,309,166 over the last 90 days. Company insiders own 21.40% of the company's stock.

Institutional Investors Weigh In On Serve Robotics

A number of hedge funds have recently made changes to their positions in SERV. Blue Trust Inc. purchased a new position in Serve Robotics during the 4th quarter valued at approximately $27,000. CIBC Private Wealth Group LLC purchased a new position in shares of Serve Robotics in the fourth quarter valued at $34,000. Bogart Wealth LLC purchased a new stake in Serve Robotics during the fourth quarter valued at $37,000. Larson Financial Group LLC purchased a new position in shares of Serve Robotics in the 3rd quarter worth $26,000. Finally, Bfsg LLC purchased a new position in shares of Serve Robotics in the 3rd quarter worth $38,000.

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.