Serve Robotics (NASDAQ:SERV) Shares Gap Up - Is Now the Time to Buy?

Serve Robotics Inc. (NASDAQ:SERV) saw a significant movement in its share prices on a recent Wednesday, opening at $13.19 after a previous close of $11.82. The stock eventually traded at $12.92, with a notable trading volume of 7,444,405 shares exchanged.

Analyst Ratings Update

Serve Robotics has been the subject of various research reports lately. For instance, Northland Securities raised their price target for the company from $16.00 to $23.00 and assigned an "outperform" rating in their January 15 report. Additionally, LADENBURG THALM/SH SH initiated coverage on Serve Robotics on October 28, establishing a "buy" rating along with a price target of $16.00. Currently, two analysts have labeled the stock as a buy, while three others have given it a strong buy rating. MarketBeat indicates that the consensus rating for the stock is "Strong Buy," with an average price target of $19.50.

Recent Market Performance

Serve Robotics' shares have experienced an upward trend, currently trading 16.0% higher than prior levels, supported by a fifty-day moving average of $16.52 and a two-hundred-day moving average of $11.92.

Insider Trading Activities

In recent insider activities, COO Touraj Parang sold 50,000 shares on December 9 at an average price of $12.99, totaling approximately $649,500. Following this, Parang's direct ownership now stands at 1,163,439 shares, valued at around $15.1 million, reflecting a 4.12% decrease. Moreover, director James Buckly Jordan sold 64,408 shares on November 21 for about $552,000, resulting in a 12.54% decrease in his holdings. Over the last 90 days, insiders have sold a total of 251,555 shares, valued at $3.3 million, with 21.40% of the stock currently owned by insiders.

Institutional Investments

Institutional investors have also shown interest in Serve Robotics. Larson Financial Group LLC acquired new shares in the third quarter worth approximately $26,000, while Blue Trust Inc. invested around $27,000 in the fourth quarter. Additional new positions were established by CIBC Private Wealth Group LLC (valued at $34,000), Bogart Wealth LLC (around $37,000), and Gordian Capital Singapore Pte Ltd (around $68,000).

About Serve Robotics

Serve Robotics Inc. focuses on designing and operating low-emission robots for food delivery in public spaces across the United States. The company, which was previously known as Patricia Acquisition Corp., rebranded to Serve Robotics Inc. in July 2023.

Investment Considerations

For potential investors, while Serve Robotics boasts a "Strong Buy" rating from analysts, it is advisable to consider other investment opportunities since several top analysts are suggesting different stocks as potentially better investments at this time.

Serve, Robotics, Stocks, Trading, Analysts