Serve Robotics (NASDAQ:SERV) Trading Up 8.1% – Still a Buy?

Serve Robotics Inc. (NASDAQ:SERV) shares traded up 8.1% during mid-day trading on Monday . The company traded as high as $24.35 and last traded at $20.57. 16,575,115 shares were traded during mid-day trading, an increase of 20% from the average session volume of 13,855,684 shares. The stock had previously closed at $19.03.

Wall Street Analysts Forecast Growth

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

Serve Robotics Trading Down 9.7 %

The firm has a fifty day moving average price of $11.75 and a 200 day moving average price of $9.55.

Insiders Place Their Bets

In other news, Director James Buckly Jordan sold 64,408 shares of the firm’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $8.57, for a total value of $551,976.56. Following the completion of 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Ali Kashani sold 9,719 shares of the company’s stock in a transaction 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 transaction, the chief executive officer now directly owns 3,355,238 shares in the company, valued at $29,425,437.26. The trade was a 0.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 252,462 shares of company stock worth $3,298,197 over the last ninety days. 21.40% of the stock is currently owned by company insiders.

Institutional Trading of Serve Robotics

A number of hedge funds have recently made changes to their positions in SERV. Yong Rong HK Asset Management Ltd acquired a new stake in Serve Robotics during the third quarter valued at $9,636,000. Thomist Capital Management LP acquired a new stake in shares of Serve Robotics during the 2nd quarter valued at about $407,000. Geode Capital Management LLC grew its stake in shares of Serve Robotics by 128.1% in the 3rd quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock valued at $1,041,000 after buying an additional 73,496 shares in the last quarter. PFG Investments LLC acquired a new position in Serve Robotics in the second quarter worth approximately $110,000. Finally, State Street Corp bought a new position in Serve Robotics during the third quarter valued at approximately $333,000.

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.