Serve Robotics (NASDAQ:SERV) Trading 1.9% Higher - Time to Buy?

Shares of Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) traded up 1.9% on Monday . The company traded as high as $12.55 and last traded at $11.92. 2,757,195 shares were traded during trading, a decline of 72% from the average session volume of 9,920,386 shares. The stock had previously closed at $11.70.

Analysts Set New Price Targets

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

Serve Robotics Stock Performance

The firm has a market cap of $653.30 million and a P/E ratio of -10.81. The stock has a fifty day simple moving average of $7.69 and a 200 day simple moving average of $11.06.

Insider Transactions at Serve Robotics

In related news, CFO Brian Read sold 3,000 shares of Serve Robotics stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $12.15, for a total transaction of $36,450.00. Following the transaction, the chief financial officer now directly owns 221,000 shares in the company, valued at approximately $2,685,150. The trade was a 1.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 58,164 shares of company stock worth $455,198 in the last ninety days. Insiders own 5.50% of the company's stock.

Hedge Funds Weigh In On Serve Robotics

Several institutional investors and hedge funds have recently bought and sold shares of SERV. Blue Trust Inc. purchased a new position in Serve Robotics during the fourth quarter valued at $27,000. CIBC Private Wealth Group LLC purchased a new position in Serve Robotics during the fourth quarter valued at $34,000. Bogart Wealth LLC purchased a new position in Serve Robotics during the fourth quarter valued at $37,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in Serve Robotics during the first quarter valued at $49,000. Finally, KLP Kapitalforvaltning AS purchased a new position in Serve Robotics during the first quarter valued at $49,000.

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.