Serve Robotics (NASDAQ:SERV) Stock Price Up 16.5% - Still a Buy?

Shares of Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) were up 16.5% during trading on Wednesday . The company traded as high as $14.04 and last traded at $13.77. Approximately 15,053,337 shares were traded during mid-day trading, an increase of 13% from the average daily volume of 13,345,096 shares. The stock had previously closed at $11.82.

Analyst Ratings Changes

A number of equities analysts have recently commented on SERV shares. Northland Securities raised 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 started coverage on shares of Serve Robotics in a research report on Monday, October 28th. They issued a "buy" rating and a $16.00 price objective for the company. Two 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 stock currently has an average rating of "Strong Buy" and an average target price of $19.50.

Serve Robotics Price Performance

The business's 50 day moving average is $16.55 and its two-hundred day moving average is $11.93.

Insider Activity at Serve Robotics

In related news, COO Touraj Parang sold 50,000 shares of the firm's stock in a transaction that occurred 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 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 document filed with the SEC, which is available through the SEC website. Also, CEO Ali Kashani sold 9,719 shares of Serve Robotics stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $8.77, for a total transaction of $85,235.63. Following the transaction, the chief executive officer now directly owns 3,355,238 shares in the company, valued at $29,425,437.26. This trade represents a 0.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 185,793 shares of company stock valued at $2,733,515 over the last three months. 21.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in SERV. Uber Technologies Inc purchased a new position in shares of Serve Robotics during the fourth quarter worth approximately $71,534,000. Yong Rong HK Asset Management Ltd purchased a new position in shares of Serve Robotics in the third quarter worth $9,636,000. Exchange Traded Concepts LLC purchased a new position in shares of Serve Robotics in the fourth quarter worth $9,066,000. Vanguard Group Inc. increased its stake in shares of Serve Robotics by 74.6% in the fourth quarter. Vanguard Group Inc. now owns 1,274,303 shares of the company's stock worth $17,203,000 after buying an additional 544,537 shares during the period. Finally, Legal & General Group Plc purchased a new position in shares of Serve Robotics in the fourth quarter worth $6,629,000.

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.