Serve Robotics (NASDAQ:SERV) Trading 2.5% Higher - Should You Buy?

Shares of Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) were up 2.5% during mid-day trading on Wednesday . The company traded as high as $7.64 and last traded at $7.15. Approximately 1,954,147 shares changed hands during trading, a decline of 83% from the average daily volume of 11,201,624 shares. The stock had previously closed at $6.97.

Analyst Upgrades and Downgrades

Separately, Northland Securities set a $23.00 target price on Serve Robotics in a report on Tuesday, February 18th. Two investment 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.com, Serve Robotics has an average rating of "Strong Buy" and a consensus price target of $19.50.

Serve Robotics Stock Performance

The stock has a fifty day simple moving average of $14.72 and a 200-day simple moving average of $11.57. The stock has a market cap of $337.64 million and a P/E ratio of -6.21.

Insider Transactions at Serve Robotics

In other news, CEO Ali Kashani sold 2,500 shares of the stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $14.70, for a total transaction of $36,750.00. Following the completion of the transaction, the chief executive officer now directly owns 3,295,990 shares in the company, valued at $48,451,053. This represents a 0.08 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders sold a total of 90,531 shares of company stock worth $1,581,830 in the last three months. Insiders own 21.40% of the company's stock.

Hedge Funds Weigh In On Serve Robotics

A number of large investors have recently modified their holdings of the business. GSA Capital Partners LLP acquired a new stake in Serve Robotics in the 3rd quarter valued at about $152,000. Larson Financial Group LLC acquired a new stake in Serve Robotics in the 3rd quarter valued at about $26,000. Quadrature Capital Ltd acquired a new stake in Serve Robotics in the 3rd quarter valued at about $148,000. State Street Corp acquired a new stake in Serve Robotics in the 3rd quarter valued at about $333,000. Finally, Gordian Capital Singapore Pte Ltd acquired a new stake in Serve Robotics in the 3rd quarter valued at about $68,000.

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.

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