Serve Robotics (NASDAQ:SERV) Trading Up 1% – Still a Buy?

Serve Robotics Inc. (NASDAQ:SERV) shares shot up 1% on Thursday . The company traded as high as $9.95 and last traded at $9.46. 2,057,596 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 12,603,190 shares. The stock had previously closed at $9.37.

Analyst Upgrades and Downgrades

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

Serve Robotics Stock Up 3.3 %

The company has a fifty day moving average price of $16.02 and a two-hundred day moving average price of $11.78.

Insider Activity at Serve Robotics

In related news, CEO Ali Kashani sold 3,713 shares of the firm’s stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $9.21, for a total transaction of $34,196.73. Following the transaction, the chief executive officer now owns 3,225,852 shares of the company’s stock, valued at $29,710,096.92. This trade represents a 0.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, COO Touraj Parang sold 50,000 shares of the business’s stock in a transaction dated Monday, December 9th. The shares were 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 owns 1,163,439 shares in the company, valued at $15,113,072.61. This trade represents a 4.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 179,943 shares of company stock worth $2,684,796 in the last 90 days. 21.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Larson Financial Group LLC purchased a new stake in shares of Serve Robotics during the third quarter worth approximately $26,000. Blue Trust Inc. acquired a new position in Serve Robotics in the 4th quarter valued at $27,000. CIBC Private Wealth Group LLC purchased a new position in Serve Robotics during the 4th quarter worth $34,000. Bogart Wealth LLC acquired a new stake in shares of Serve Robotics in the 4th quarter worth $37,000. Finally, Gordian Capital Singapore Pte Ltd purchased a new stake in shares of Serve Robotics in the third quarter valued at about $68,000.

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.