Serve Robotics (NASDAQ:SERV) Stock Price Up 1% – Should You Buy?

Serve Robotics Inc. (NASDAQ:SERV)’s stock price was up 1% during mid-day trading on Thursday . The company traded as high as $9.95 and last traded at $9.46. Approximately 2,057,596 shares were traded during trading, a decline of 84% from the average daily volume of 12,603,190 shares. The stock had previously closed at $9.37.

Wall Street Analysts Forecast Growth

Separately, Northland Securities set a $23.00 price target 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 issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Strong Buy” and a consensus target price of $19.50.

Serve Robotics Stock Down 6.9 %

The stock has a 50 day simple moving average of $16.23 and a 200 day simple moving average of $11.81.

Insider Buying and Selling

In related news, CEO Ali Kashani sold 37,500 shares of Serve Robotics stock in a transaction 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 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Touraj Parang sold 50,000 shares of the 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 directly owns 1,163,439 shares in the company, valued at approximately $15,113,072.61. This represents a 4.12 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 173,978 shares of company stock worth $2,629,874. 21.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SERV. Jefferies Financial Group Inc. grew its position in Serve Robotics by 30.3% during the 4th quarter. Jefferies Financial Group Inc. now owns 17,200 shares of the company’s stock valued at $232,000 after purchasing an additional 4,000 shares during the last quarter. Two Sigma Investments LP bought a new position in shares of Serve Robotics in the fourth quarter worth about $815,000. Tidal Investments LLC grew its stake in Serve Robotics by 57.6% during the fourth quarter. Tidal Investments LLC now owns 51,846 shares of the company’s stock valued at $700,000 after acquiring an additional 18,948 shares in the last quarter. Man Group plc purchased a new position in shares of Serve Robotics during the fourth quarter valued at about $467,000. Finally, OMERS ADMINISTRATION Corp bought a new position in Serve Robotics during the fourth quarter valued at $431,000.

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.