Serve Robotics (NASDAQ:SERV) Stock Price Up 7.9% - Time to Buy?

Serve Robotics Inc. (NASDAQ:SERV) saw a significant rise in its share price by 7.9% during trading on Thursday. The stock reached a high of $21.75 before closing slightly lower at $21.12. In total, around 5,261,880 shares were traded during the day, which is a notable decrease of 54% compared to its average daily volume of 11,344,415 shares. The previous closing price for the stock was $19.57.

Analysts Set New Price Targets

A number of analysts have recently shared their insights on Serve Robotics. On October 28th, LADENBURG THALM/SH SH began coverage and issued a "buy" rating with a price target of $16.00. Following this, Northland Capital Markets raised its rating to "strong buy" on October 18th and increased the price objective from $16.00 to $23.00 on January 15th. Currently, two analysts have given the stock a buy rating while three have issued strong buy ratings. According to MarketBeat.com, the consensus rating for Serve Robotics is "Strong Buy" with a target price averaging $19.50.

Recent Trading Performance

In its recent trading performance, the stock has shown a 50-day simple moving average of $16.21 and a 200-day simple moving average of $11.99, suggesting upward momentum.

Insider Activity

In related news, the company's CEO, Ali Kashani, sold 9,719 shares on November 25th, at an average price of $8.77, totaling about $85,235.63. After this sale, he still owns 3,355,238 shares valued at approximately $29,425,437.26, marking a 0.29% decrease in his overall position. Furthermore, COO Touraj Parang sold 50,000 shares on December 9th for a total value of $649,500.00, after which he retained 1,163,439 shares worth about $15,113,072.61, representing a 4.12% decrease in his holdings. In the past 90 days, insiders have sold a total of 253,027 shares amounting to $3,309,166, with 21.40% of the company's stock currently owned by insiders.

Institutional Trading Activity

Recent activity among institutional investors shows that several hedge funds have been active in buying shares of Serve Robotics. Blue Trust Inc. purchased a new stake worth around $27,000, while CIBC Private Wealth Group LLC acquired a stake worth approximately $34,000. Additionally, Bogart Wealth LLC and Larson Financial Group LLC each invested around $37,000 and $26,000, respectively, in the fourth quarter, indicating growing interest in the company.

Company Overview

Serve Robotics Inc. primarily focuses on designing, developing, and operating low-emission robots intended for food delivery services in public spaces across the United States. Formerly known as Patricia Acquisition Corp., it adopted the name Serve Robotics Inc in July 2023, highlighting its commitment to innovation in the field of robotics.

Conclusion

With analysts generally optimistic about Serve Robotics, the recent price increase and insider trading activity warrant close observation. Investors might want to assess whether now is the right time to consider an investment in this company.

Serve, Robotics, Investing