Serve Robotics (NASDAQ:SERV) Shares Up 2.2% – Should You Buy?

Serve Robotics Inc. (NASDAQ:SERV) rose 2.2% during trading on Tuesday . The company traded as high as $15.80 and last traded at $15.06. Approximately 4,618,565 shares were traded during mid-day trading, a decline of 51% from the average daily volume of 9,437,413 shares. The stock had previously closed at $14.73.

Analysts Set New Price Targets

SERV has been the subject of a number of research analyst reports. Northland Securities assumed coverage on shares of Serve Robotics in a report on Friday, October 18th. They set an “outperform” rating and a $16.00 price objective for the company. Seaport Res Ptn upgraded Serve Robotics to a “strong-buy” rating in a report on Monday, October 7th. Northland Capmk upgraded Serve Robotics to a “strong-buy” rating in a report on Friday, October 18th. Finally, LADENBURG THALM/SH SH initiated coverage on Serve Robotics in a report on Monday, October 28th. They issued a “buy” rating and a $16.00 target price for the company. Two analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Strong Buy” and an average target price of $16.00.

Serve Robotics Stock Performance

The company’s fifty day moving average is $10.30 and its 200-day moving average is $8.46.

Insider Activity

In related news, Director James Buckly Jordan sold 64,408 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $8.57, for a total transaction of $551,976.56. Following the completion of the sale, the director now owns 449,052 shares of the company’s stock, valued at $3,848,375.64. This represents a 12.54 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Touraj Parang sold 50,000 shares of Serve Robotics stock in a transaction on Monday, December 9th. The stock was sold at an average price of $12.99, for a total transaction of $649,500.00. Following the completion of the transaction, the chief operating officer now directly owns 1,163,439 shares in the company, valued at $15,113,072.61. This represents a 4.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 194,922 shares of company stock worth $2,178,354. 21.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Serve Robotics

Institutional investors have recently added to or reduced their stakes in the business. Larson Financial Group LLC purchased a new position in shares of Serve Robotics in the 3rd quarter valued at approximately $26,000. Bfsg LLC purchased a new position in shares of Serve Robotics in the third quarter worth $38,000. Gordian Capital Singapore Pte Ltd acquired a new stake in shares of Serve Robotics during the third quarter worth $68,000. Quantum Private Wealth LLC purchased a new stake in shares of Serve Robotics during the third quarter valued at $80,000. Finally, Quadrature Capital Ltd purchased a new stake in shares of Serve Robotics during the third 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.