Serve Robotics (NASDAQ:SERV) Shares Up 1.2% – Should You Buy?

Serve Robotics Inc. (NASDAQ:SERV)’s stock price shot up 1.2% on Monday . The stock traded as high as $7.93 and last traded at $7.76. 1,796,424 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 10,829,238 shares. The stock had previously closed at $7.66.

Wall Street Analysts Forecast Growth

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

Serve Robotics Stock Performance

The company’s fifty day moving average is $14.49 and its 200-day moving average is $11.59. The company has a market capitalization of $350.18 million and a PE ratio of -6.56.

Insider Buying and Selling at Serve Robotics

In other Serve Robotics news, CEO Ali Kashani sold 2,500 shares of the stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $14.70, for a total transaction of $36,750.00. Following the completion of the sale, the chief executive officer now directly owns 3,295,990 shares of the company’s stock, valued at $48,451,053. This trade 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 sold a total of 68,031 shares of company stock valued at $1,245,905 in the last three months. 21.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Serve Robotics

A number of institutional investors have recently added to or reduced their stakes in the stock. Uber Technologies Inc purchased a new position in shares of Serve Robotics in the fourth quarter valued at $71,534,000. Exchange Traded Concepts LLC purchased a new position in shares of Serve Robotics in the fourth quarter valued at $9,066,000. Vanguard Group Inc. grew its holdings in shares of Serve Robotics by 74.6% in the fourth quarter. Vanguard Group Inc. now owns 1,274,303 shares of the company’s stock valued at $17,203,000 after purchasing an additional 544,537 shares in the last quarter. Legal & General Group Plc purchased a new position in shares of Serve Robotics in the fourth quarter valued at $6,629,000. Finally, Captrust Financial Advisors purchased a new position in shares of Serve Robotics in the fourth quarter valued at $3,672,000.

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.