Serve Robotics (NASDAQ:SERV) Stock Price Up 16.5% - Should You Buy?

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) was up 16.5% during mid-day trading on Wednesday . The stock traded as high as $14.04 and last traded at $13.77. Approximately 15,053,337 shares traded hands during trading, an increase of 13% from the average daily volume of 13,345,096 shares. The stock had previously closed at $11.82.

Analyst Ratings Changes

SERV has been the subject of a number of research reports. Northland Securities set a $23.00 price target on shares of Serve Robotics in a report on Tuesday, February 18th. LADENBURG THALM/SH SH began coverage on Serve Robotics in a research note on Monday, October 28th. They issued a "buy" rating and a $16.00 target price for the company. Two analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, Serve Robotics currently has an average rating of "Strong Buy" and an average price target of $19.50.

Serve Robotics Price Performance

The firm's 50 day moving average price is $16.46 and its 200-day moving average price is $11.86.

Insider Activity at Serve Robotics

In other Serve Robotics news, CEO Ali Kashani sold 2,500 shares of the stock in a transaction on Monday, December 9th. The shares were sold at an average price of $13.52, for a total value of $33,800.00. Following the sale, the chief executive officer now directly owns 3,344,498 shares in the company, valued at approximately $45,217,612.96. This trade represents a 0.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Touraj Parang sold 50,000 shares of Serve Robotics 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 in the company, valued at approximately $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. Insiders have sold 173,978 shares of company stock worth $2,629,874 over the last ninety days. Company insiders own 21.40% of the company's stock.

Institutional Investors Weigh In On Serve Robotics

Several large investors have recently modified their holdings of SERV. Larson Financial Group LLC bought a new position in shares of Serve Robotics during the 3rd quarter valued at about $26,000. Blue Trust Inc. bought a new position in Serve Robotics in the fourth quarter valued at approximately $27,000. CIBC Private Wealth Group LLC acquired a new position in shares of Serve Robotics in the fourth quarter valued at approximately $34,000. Bogart Wealth LLC bought a new stake in shares of Serve Robotics during the fourth quarter worth $37,000. Finally, Gordian Capital Singapore Pte Ltd bought a new stake in shares of Serve Robotics during the third quarter worth $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.