Serve Robotics (NASDAQ:SERV) Shares Up 2.8% – Should You Buy?

Serve Robotics Inc. (NASDAQ:SERV)’s stock price shot up 2.8% on Friday . The stock traded as high as $19.80 and last traded at $19.41. 4,265,717 shares traded hands during mid-day trading, a decline of 71% from the average session volume of 14,871,010 shares. The stock had previously closed at $18.88.

Analyst Ratings Changes

Several brokerages recently issued reports on SERV. Northland Capmk raised shares of Serve Robotics to a “strong-buy” rating in a research note on Friday, October 18th. LADENBURG THALM/SH SH started coverage on shares of Serve Robotics in a report on Monday, October 28th. They set a “buy” rating and a $16.00 price objective on the stock. Seaport Res Ptn upgraded Serve Robotics to a “strong-buy” rating in a research note on Monday, October 7th. Finally, Northland Securities boosted their target price on Serve Robotics from $16.00 to $23.00 and gave the company an “outperform” rating in a research report on Wednesday. Two analysts have rated the stock with a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Strong Buy” and an average target price of $19.50.

Serve Robotics Stock Performance

The stock’s 50 day simple moving average is $12.73 and its 200 day simple moving average is $10.19.

Insider Buying and Selling at Serve Robotics

In related news, CEO Ali Kashani sold 37,500 shares of the stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $21.16, for a total transaction of $793,500.00. Following the completion of the sale, the chief executive officer now directly owns 3,230,990 shares of the company’s stock, valued at approximately $68,367,748.40. This trade represents a 1.15 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Touraj Parang sold 50,000 shares of the company’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 completion of the transaction, the chief operating officer now 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 position. The disclosure for this sale can be found here. In the last quarter, insiders sold 253,027 shares of company stock worth $3,309,166. Insiders own 21.40% of the company’s stock.

Hedge Funds Weigh In On Serve Robotics

Several institutional investors have recently bought and sold shares of the company. Yong Rong HK Asset Management Ltd purchased a new position in shares of Serve Robotics during the 3rd quarter valued at $9,636,000. Thomist Capital Management LP bought a new stake in Serve Robotics in the 2nd quarter valued at about $407,000. Geode Capital Management LLC lifted its holdings in Serve Robotics by 128.1% during the third quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock valued at $1,041,000 after purchasing an additional 73,496 shares during the last quarter. State Street Corp purchased a new stake in Serve Robotics during the third quarter valued at about $333,000. Finally, Tidal Investments LLC bought a new position in Serve Robotics during the third quarter worth about $262,000.

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.