Serve Robotics (NASDAQ:SERV) Stock Price Up 1.5% – Still a Buy?

Serve Robotics Inc. (NASDAQ:SERV)’s share price traded up 1.5% on Tuesday . The stock traded as high as $7.15 and last traded at $6.78. 1,968,114 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 11,343,354 shares. The stock had previously closed at $6.68.

Wall Street Analyst Weigh In

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

Serve Robotics Stock Down 6.8 %

The company’s 50 day simple moving average is $14.87 and its 200-day simple moving average is $11.60. The firm has a market cap of $310.97 million and a P/E ratio of -5.85.

Insider Activity at Serve Robotics

In other news, CEO Ali Kashani sold 22,500 shares of the business’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $14.93, for a total transaction of $335,925.00. Following the sale, the chief executive officer now directly owns 3,306,998 shares of the company’s stock, valued at $49,373,480.14. The trade was a 0.68 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 93,031 shares of company stock valued at $1,613,030 over the last ninety days. 21.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Uber Technologies Inc acquired a new position in shares of Serve Robotics in the fourth quarter worth about $71,534,000. Vanguard Group Inc. lifted its holdings in shares of Serve Robotics by 74.6% in the 4th quarter. Vanguard Group Inc. now owns 1,274,303 shares of the company’s stock worth $17,203,000 after acquiring an additional 544,537 shares during the last quarter. Exchange Traded Concepts LLC acquired a new position in shares of Serve Robotics in the 4th quarter worth approximately $9,066,000. Legal & General Group Plc acquired a new stake in Serve Robotics during the 4th quarter worth approximately $6,629,000. Finally, Captrust Financial Advisors acquired a new stake in Serve Robotics during the 4th quarter worth approximately $3,672,000.

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.