Serve Robotics (NASDAQ:SERV) Stock Price Up 2.5% – Time to Buy?

Serve Robotics Inc. (NASDAQ:SERV) shares traded up 2.5% on Wednesday . The stock traded as high as $7.64 and last traded at $7.15. 1,954,147 shares were traded during trading, a decline of 83% from the average session volume of 11,201,624 shares. The stock had previously closed at $6.97.

Wall Street Analyst Weigh In

Separately, Northland Securities set a $23.00 target price on Serve Robotics in a research note on Tuesday, February 18th. Two equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Strong Buy” and an average price target of $19.50.

Serve Robotics Price Performance

The firm’s fifty day moving average price is $14.99 and its 200-day moving average price is $11.63. The company has a market cap of $330.29 million and a price-to-earnings ratio of -6.20.

Insider Activity at Serve Robotics

In related news, CEO Ali Kashani sold 2,500 shares of the stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $12.48, for a total value of $31,200.00. Following the completion of the transaction, the chief executive officer now directly owns 3,329,498 shares of the company’s stock, valued at $41,552,135.04. This represents a 0.08 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders have sold a total of 93,031 shares of company stock worth $1,613,030 in the last ninety days. 21.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Larson Financial Group LLC acquired a new position in shares of Serve Robotics during the third quarter valued at $26,000. Blue Trust Inc. bought a new position in Serve Robotics in the 4th quarter valued at about $27,000. CIBC Private Wealth Group LLC acquired a new position in Serve Robotics during the 4th quarter valued at about $34,000. Bogart Wealth LLC bought a new stake in shares of Serve Robotics during the 4th quarter worth about $37,000. Finally, Gordian Capital Singapore Pte Ltd acquired a new stake in shares of Serve Robotics in the 3rd quarter worth approximately $68,000.

Serve Robotics Company Profile

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.