Serve Robotics (NASDAQ:SERV) Shares Up 1.2% – Should You Buy?

Shares of Serve Robotics Inc. (NASDAQ:SERV) traded up 1.2% on Monday . The company traded as high as $7.93 and last traded at $7.76. 1,796,424 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 10,829,238 shares. The stock had previously closed at $7.66.

Wall Street Analyst Weigh In

Separately, Northland Securities set a $23.00 target price on shares of Serve Robotics in a report on Tuesday, February 18th. Two equities research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, Serve Robotics presently has a consensus rating of “Strong Buy” and an average target price of $19.50.

Serve Robotics Price Performance

The company has a market capitalization of $350.18 million and a P/E ratio of -6.56. The business has a 50-day moving average of $14.49 and a 200-day moving average of $11.59.

Insider Buying and Selling

In other news, CEO Ali Kashani sold 5,000 shares of Serve Robotics stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $14.55, for a total transaction of $72,750.00. Following the completion of the sale, the chief executive officer now directly owns 3,290,990 shares in the company, valued at approximately $47,883,904.50. This trade represents a 0.15 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 68,031 shares of company stock worth $1,245,905 over the last three months. 21.40% of the stock is owned by insiders.

Institutional Trading of Serve Robotics

Several institutional investors and hedge funds have recently made changes to their positions in SERV. Larson Financial Group LLC bought a new stake in shares of Serve Robotics during the third quarter worth $26,000. Blue Trust Inc. bought a new stake in shares of Serve Robotics during the fourth quarter worth $27,000. CIBC Private Wealth Group LLC bought a new stake in shares of Serve Robotics during the fourth quarter worth $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.

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.