Serve Robotics (NASDAQ:SERV) Shares Up 1.2% – Time to Buy?

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

Analyst Ratings Changes

Separately, Northland Securities set a $23.00 price target on shares of Serve Robotics in a research 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 company. According to MarketBeat, the company currently has a consensus rating of “Strong Buy” and a consensus price target of $19.50.

Serve Robotics Stock Performance

The firm has a market capitalization of $409.24 million and a PE ratio of -5.99. The company’s 50-day moving average price is $13.96 and its 200-day moving average price is $11.57.

Insider Transactions at Serve Robotics

In related news, CEO Ali Kashani sold 37,500 shares of Serve Robotics stock in a transaction on Monday, January 6th. The shares were sold at an average price of $21.16, for a total transaction of $793,500.00. Following the sale, the chief executive officer now directly owns 3,230,990 shares in the company, valued at $68,367,748.40. This trade represents a 1.15 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last three months, insiders sold 66,570 shares of company stock valued at $1,222,484. Insiders own 21.40% of the company’s stock.

Institutional Investors Weigh In On Serve Robotics

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Uber Technologies Inc acquired a new stake in Serve Robotics during the 4th quarter worth $71,534,000. Vanguard Group Inc. increased its stake in Serve Robotics by 74.6% in the fourth 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 period. Exchange Traded Concepts LLC acquired a new position in Serve Robotics in the fourth quarter valued at $9,066,000. Legal & General Group Plc acquired a new position in Serve Robotics in the fourth quarter valued at $6,629,000. Finally, Captrust Financial Advisors acquired a new position in Serve Robotics in the fourth quarter valued at $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.