Serve Robotics (NASDAQ:SERV) Stock Price Up 0.3% – Still a Buy?

Serve Robotics Inc. (NASDAQ:SERV) was up 0.3% during mid-day trading on Wednesday . The stock traded as high as $7.60 and last traded at $7.22. Approximately 1,105,013 shares were traded during trading, a decline of 89% from the average daily volume of 9,671,938 shares. The stock had previously closed at $7.19.

Wall Street Analyst Weigh In

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

Serve Robotics Trading Down 0.9 %

The company has a market capitalization of $390.91 million and a P/E ratio of -5.74. The stock’s fifty day moving average is $13.57 and its 200 day moving average is $11.51.

Insider Activity

In related news, CEO Ali Kashani sold 7,500 shares of Serve Robotics stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $16.50, for a total value of $123,750.00. Following the sale, the chief executive officer now owns 3,283,490 shares in the company, valued at $54,177,585. The trade was a 0.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Over the last ninety days, insiders sold 67,051 shares of company stock valued at $1,207,671. Insiders own 21.40% of the company’s stock.

Institutional Trading of Serve Robotics

A number of institutional investors and hedge funds have recently modified their holdings of SERV. Uber Technologies Inc bought a new stake in Serve Robotics in the 4th quarter worth approximately $71,534,000. Exchange Traded Concepts LLC purchased a new position in shares of Serve Robotics in the fourth quarter worth approximately $9,066,000. Vanguard Group Inc. boosted its stake in shares of Serve Robotics by 74.6% during 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. Legal & General Group Plc bought a new stake in shares of Serve Robotics during the 4th quarter valued at $6,629,000. Finally, Captrust Financial Advisors purchased a new stake in shares of Serve Robotics in the 4th quarter worth $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.