Serve Robotics (NASDAQ:SERV) Shares Up 1.7% – Still a Buy?

Serve Robotics Inc. (NASDAQ:SERV)’s share price traded up 1.7% during trading on Wednesday . The company traded as high as $10.34 and last traded at $10.01. 1,954,296 shares traded hands during trading, a decline of 85% from the average session volume of 12,787,553 shares. The stock had previously closed at $9.84.

Analysts Set New Price Targets

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

Serve Robotics Trading Down 4.1 %

The firm’s fifty day moving average is $16.32 and its two-hundred day moving average is $11.83.

Insiders Place Their Bets

In other news, COO Touraj Parang sold 50,000 shares of the company’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $12.99, for a total transaction of $649,500.00. Following the transaction, the chief operating officer now directly owns 1,163,439 shares of the company’s stock, valued at $15,113,072.61. This represents a 4.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Ali Kashani sold 2,500 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $13.52, for a total transaction of $33,800.00. Following the completion of the transaction, the chief executive officer now directly owns 3,344,498 shares in the company, valued at approximately $45,217,612.96. The trade was a 0.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 173,978 shares of company stock valued at $2,629,874 over the last 90 days. Insiders own 21.40% of the company’s stock.

Institutional Investors Weigh In On Serve Robotics

Several large investors have recently made changes to their positions in SERV. Larson Financial Group LLC bought a new position in Serve Robotics during the 3rd quarter valued at about $26,000. Blue Trust Inc. purchased a new position in Serve Robotics during the 4th quarter worth $27,000. CIBC Private Wealth Group LLC acquired a new stake in Serve Robotics in the 4th quarter worth approximately $34,000. Bogart Wealth LLC acquired a new stake in Serve Robotics during the 4th quarter worth about $37,000. Finally, Gordian Capital Singapore Pte Ltd acquired a new stake in Serve Robotics during the 3rd quarter worth 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.