Serve Robotics (NASDAQ:SERV) Shares Up 1.2% – Still a Buy?

Shares of Serve Robotics Inc. (NASDAQ:SERV) shot up 1.2% during trading on Monday . The company traded as high as $7.93 and last traded at $7.76. 1,796,424 shares changed 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.

Analyst Upgrades and Downgrades

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

Serve Robotics Trading Down 8.2 %

The company has a market cap of $409.24 million and a price-to-earnings ratio of -5.99. The stock’s fifty day simple moving average is $13.96 and its 200 day simple moving average is $11.57.

Insider Transactions at Serve Robotics

In other news, CEO Ali Kashani sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 24th. The shares were 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 owns 3,290,990 shares in the company, valued at $47,883,904.50. This trade represents a 0.15 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold 66,570 shares of company stock worth $1,222,484 in the last 90 days. Insiders own 21.40% of the company’s stock.

Institutional Trading of Serve Robotics

Several institutional investors have recently added to or reduced their stakes in SERV. Uber Technologies Inc acquired a new stake in Serve Robotics in the 4th quarter valued at approximately $71,534,000. Exchange Traded Concepts LLC acquired a new stake in Serve Robotics in the 4th quarter valued at approximately $9,066,000. Vanguard Group Inc. increased its holdings in Serve Robotics by 74.6% in the 4th quarter. Vanguard Group Inc. now owns 1,274,303 shares of the company’s stock valued at $17,203,000 after purchasing an additional 544,537 shares during the last quarter. Legal & General Group Plc acquired a new stake in Serve Robotics in the 4th quarter valued at approximately $6,629,000. Finally, Captrust Financial Advisors acquired a new stake in Serve Robotics in the 4th quarter valued at approximately $3,672,000.

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.