Serve Robotics (NASDAQ:SERV) Sees Strong Trading Volume – Should You Buy?

Serve Robotics Inc. (NASDAQ:SERV) saw unusually-high trading volume on Friday . Approximately 2,879,825 shares were traded during mid-day trading, a decline of 48% from the previous session’s volume of 5,488,439 shares.The stock last traded at $16.95 and had previously closed at $14.76.

Analysts Set New Price Targets

Several brokerages have weighed in on SERV. Northland Capmk raised Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. LADENBURG THALM/SH SH initiated coverage on shares of Serve Robotics in a research report on Monday, October 28th. They set a “buy” rating and a $16.00 price objective on the stock. Northland Securities began coverage on shares of Serve Robotics in a research report on Friday, October 18th. They issued an “outperform” rating and a $16.00 target price for the company. Finally, Seaport Res Ptn upgraded shares of Serve Robotics to a “strong-buy” rating in a research note on Monday, October 7th. Two equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, Serve Robotics has an average rating of “Strong Buy” and a consensus target price of $16.00.

Serve Robotics Stock Performance

The stock has a fifty day moving average price of $11.20 and a 200 day moving average price of $9.07.

Insider Buying and Selling at Serve Robotics

In related news, Director James Buckly Jordan sold 64,408 shares of the business’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $8.57, for a total transaction of $551,976.56. Following the completion of the transaction, the director now owns 449,052 shares of the company’s stock, valued at approximately $3,848,375.64. The trade was a 12.54 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ali Kashani sold 9,719 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $8.77, for a total value of $85,235.63. Following the completion of the sale, the chief executive officer now directly owns 3,355,238 shares in the company, valued at $29,425,437.26. This trade represents a 0.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 207,462 shares of company stock worth $2,375,472 over the last 90 days. Insiders own 21.40% of the company’s stock.

Institutional Trading of Serve Robotics

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Larson Financial Group LLC acquired a new stake in Serve Robotics during the third quarter worth about $26,000. Bfsg LLC acquired a new position in Serve Robotics in the 3rd quarter valued at approximately $38,000. Gordian Capital Singapore Pte Ltd bought a new stake in shares of Serve Robotics in the 3rd quarter worth approximately $68,000. Quantum Private Wealth LLC acquired a new stake in shares of Serve Robotics during the 3rd quarter worth approximately $80,000. Finally, Quadrature Capital Ltd bought a new stake in shares of Serve Robotics during the third quarter valued at approximately $148,000.

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.