Serve Robotics (NASDAQ:SERV) Trading Up 2.8% - Time to Buy?

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s share price was up 2.8% during trading on Wednesday . The company traded as high as $12.73 and last traded at $12.44. Approximately 2,380,472 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 10,048,233 shares. The stock had previously closed at $12.10.

Analysts Set New Price Targets

A number of equities analysts have recently commented on SERV shares. Cantor Fitzgerald started coverage on Serve Robotics in a report on Thursday, May 22nd. They issued an "overweight" rating for the company. Northland Securities set a $23.00 price target on Serve Robotics in a report on Tuesday, February 18th. Three investment analysts have rated the stock with a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Strong Buy" and a consensus target price of $18.67.

Serve Robotics Stock Down 8.3%

The company has a market cap of $621.95 million, a PE ratio of -10.29 and a beta of 1.67. The stock has a 50-day moving average of $8.61 and a 200-day moving average of $11.23.

Insider Buying and Selling

In related news, CFO Brian Read sold 2,000 shares of the stock in a transaction on Monday, June 9th. The stock was sold at an average price of $12.59, for a total value of $25,180.00. Following the sale, the chief financial officer now owns 217,705 shares in the company, valued at approximately $2,740,905.95. This trade represents a 0.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Over the last quarter, insiders have sold 60,164 shares of company stock worth $480,378. Corporate insiders own 5.50% of the company's stock.

Institutional Investors Weigh In On Serve Robotics

A number of large investors have recently added to or reduced their stakes in SERV. Blue Trust Inc. purchased a new stake in Serve Robotics during the fourth quarter valued at about $27,000. CIBC Private Wealth Group LLC purchased a new stake in Serve Robotics during the fourth quarter valued at about $34,000. Bogart Wealth LLC purchased a new stake in Serve Robotics during the fourth quarter valued at about $37,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Serve Robotics during the first quarter valued at about $49,000. Finally, KLP Kapitalforvaltning AS purchased a new stake in Serve Robotics during the first quarter valued at about $49,000.

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.