Serve Robotics (NASDAQ:SERV) Trading Up 8.8% – Should You Buy?

Serve Robotics Inc. (NASDAQ:SERV) shares were up 8.8% during mid-day trading on Friday . The stock traded as high as $7.69 and last traded at $7.64. Approximately 2,479,486 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 10,935,918 shares. The stock had previously closed at $7.02.

Wall Street Analyst Weigh In

Separately, Northland Securities set a $23.00 price objective on shares of Serve Robotics in a research report on Tuesday, February 18th. Two research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Strong Buy” and a consensus price target of $19.50.

Serve Robotics Stock Performance

The firm has a market capitalization of $339.54 million and a price-to-earnings ratio of -6.33. The firm has a fifty day moving average price of $14.72 and a 200 day moving average price of $11.57.

Insider Buying and Selling at Serve Robotics

In other Serve Robotics news, CEO Ali Kashani sold 3,713 shares of the company’s stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $9.21, for a total transaction of $34,196.73. Following the transaction, the chief executive officer now directly owns 3,225,852 shares in the company, valued at approximately $29,710,096.92. This represents a 0.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Over the last quarter, insiders sold 90,531 shares of company stock valued at $1,581,830. 21.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Serve Robotics

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Larson Financial Group LLC acquired a new position in Serve Robotics during the third quarter worth $26,000. Blue Trust Inc. purchased a new position in shares of Serve Robotics in the fourth quarter valued at $27,000. CIBC Private Wealth Group LLC purchased a new stake in shares of Serve Robotics in the 4th quarter worth about $34,000. Bogart Wealth LLC acquired a new stake in Serve Robotics in the 4th quarter valued at about $37,000. Finally, Gordian Capital Singapore Pte Ltd purchased a new position in Serve Robotics during the 3rd quarter valued at about $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.