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

Serve Robotics Inc. (NASDAQ:SERV) was up 1% during trading on Thursday . The stock traded as high as $9.95 and last traded at $9.46. Approximately 2,057,596 shares were traded during trading, a decline of 84% from the average daily volume of 12,603,190 shares. The stock had previously closed at $9.37.

Analyst Ratings Changes

Separately, Northland Securities set a $23.00 price target on shares of Serve Robotics in a 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 company presently has an average rating of “Strong Buy” and a consensus target price of $19.50.

Serve Robotics Stock Up 3.3 %

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

Insider Buying and Selling at Serve Robotics

In other Serve Robotics news, CEO Ali Kashani sold 3,713 shares of Serve Robotics stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $9.21, for a total transaction of $34,196.73. Following the completion of the transaction, the chief executive officer now owns 3,225,852 shares in the company, valued at approximately $29,710,096.92. The trade was a 0.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Touraj Parang sold 50,000 shares of the stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $12.99, for a total transaction of $649,500.00. Following the completion of the sale, the chief operating officer now owns 1,163,439 shares in the company, valued at $15,113,072.61. This represents a 4.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 179,943 shares of company stock valued at $2,684,796. Insiders own 21.40% of the company’s stock.

Hedge Funds Weigh In On Serve Robotics

A number of institutional investors have recently made changes to their positions in the stock. Blue Trust Inc. purchased a new stake in Serve Robotics during the 4th quarter worth about $27,000. CIBC Private Wealth Group LLC acquired a new stake in shares of Serve Robotics during the 4th quarter worth about $34,000. Bogart Wealth LLC purchased a new stake in shares of Serve Robotics during the fourth quarter worth about $37,000. Larson Financial Group LLC acquired a new position in shares of Serve Robotics in the third quarter valued at approximately $26,000. Finally, SG Americas Securities LLC purchased a new position in shares of Serve Robotics during the fourth quarter valued at approximately $114,000.

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.