Serve Robotics (NASDAQ:SERV) Shares Up 19.1% – Should You Buy?

Serve Robotics Inc. (NASDAQ:SERV)’s stock price was up 19.1% during trading on Friday . The company traded as high as $18.11 and last traded at $17.58. Approximately 8,541,712 shares traded hands during mid-day trading, an increase of 7% from the average daily volume of 7,961,670 shares. The stock had previously closed at $14.76.

Analysts Set New Price Targets

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

Serve Robotics Stock Up 28.6 %

The firm has a fifty day simple moving average of $11.20 and a 200 day simple moving average of $9.07.

Insiders Place Their Bets

In other news, COO Touraj Parang sold 50,000 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $12.99, for a total value of $649,500.00. Following the completion of the transaction, the chief operating officer now directly owns 1,163,439 shares of the company’s stock, valued at approximately $15,113,072.61. This represents a 4.12 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director James Buckly Jordan sold 64,408 shares of the business’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 completion of the sale, the director now directly owns 449,052 shares in the company, valued at approximately $3,848,375.64. This represents a 12.54 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 207,462 shares of company stock worth $2,375,472 over the last 90 days. Corporate insiders own 21.40% of the company’s stock.

Institutional Investors Weigh In On Serve Robotics

A number of hedge funds have recently made changes to their positions in the company. PFG Investments LLC acquired a new position in Serve Robotics in the second quarter valued at about $110,000. Thomist Capital Management LP bought a new position in Serve Robotics in the 2nd quarter valued at $407,000. Bfsg LLC bought a new stake in shares of Serve Robotics during the third quarter worth $38,000. Harbour Capital Advisors LLC bought a new position in shares of Serve Robotics in the third quarter valued at about $198,000. Finally, Yong Rong HK Asset Management Ltd acquired a new position in Serve Robotics during the 3rd quarter worth about $9,636,000.

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.