Serve Robotics (NASDAQ:SERV) Shares Up 2.8% – Should You Buy?

Serve Robotics Inc. (NASDAQ:SERV) shares traded up 2.8% during trading on Friday . The company traded as high as $19.80 and last traded at $19.41. 4,265,717 shares were traded during mid-day trading, a decline of 71% from the average session volume of 14,871,010 shares. The stock had previously closed at $18.88.

Analyst Ratings Changes

Several brokerages have issued reports on SERV. Northland Securities lifted their price target on Serve Robotics from $16.00 to $23.00 and gave the stock an “outperform” rating in a research note on Wednesday. Seaport Res Ptn upgraded Serve Robotics to a “strong-buy” rating in a research report on Monday, October 7th. Northland Capmk raised Serve Robotics to a “strong-buy” rating in a research note on Friday, October 18th. Finally, LADENBURG THALM/SH SH started coverage on shares of Serve Robotics in a research note on Monday, October 28th. They set a “buy” rating and a $16.00 price target on the stock. Two research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Strong Buy” and an average target price of $19.50.

Serve Robotics Stock Down 3.3 %

The company has a fifty day moving average price of $12.91 and a 200 day moving average price of $10.30.

Insiders Place Their Bets

In other Serve Robotics news, Director James Buckly Jordan sold 64,408 shares of the firm’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $8.57, for a total value of $551,976.56. Following the sale, the director now owns 449,052 shares of the company’s stock, valued at $3,848,375.64. This trade represents a 12.54 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ali Kashani sold 37,500 shares of the company’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $21.16, for a total transaction of $793,500.00. Following the transaction, the chief executive officer now directly 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 disclosure for this sale can be found here. Insiders have sold 253,027 shares of company stock valued at $3,309,166 in the last ninety days. Company insiders own 21.40% of the company’s stock.

Institutional Investors Weigh In On Serve Robotics

Large investors have recently made changes to their positions in the business. Yong Rong HK Asset Management Ltd bought a new position in shares of Serve Robotics during the third quarter valued at approximately $9,636,000. Geode Capital Management LLC raised its holdings in Serve Robotics by 128.1% in the 3rd quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock worth $1,041,000 after purchasing an additional 73,496 shares in the last quarter. State Street Corp purchased a new stake in shares of Serve Robotics in the 3rd quarter worth about $333,000. Tidal Investments LLC purchased a new stake in shares of Serve Robotics in the 3rd quarter worth about $262,000. Finally, Harbour Capital Advisors LLC increased its position in shares of Serve Robotics by 102.4% during the fourth quarter. Harbour Capital Advisors LLC now owns 50,365 shares of the company’s stock valued at $680,000 after buying an additional 25,475 shares during the period.

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.