Serve Robotics (NASDAQ:SERV) Shares Up 1.3% - Time to Buy?

Shares of Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) shot up 1.3% during mid-day trading on Thursday . The company traded as high as $11.17 and last traded at $10.90. 2,935,265 shares traded hands during mid-day trading, a decline of 71% from the average session volume of 10,191,342 shares. The stock had previously closed at $10.76.

Analyst Ratings Changes

Separately, Cantor Fitzgerald assumed coverage on Serve Robotics in a report on Thursday, May 22nd. They set an "overweight" rating on the stock. Three equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Strong Buy" and an average target price of $18.67.

Serve Robotics Stock Down 4.4%

The company has a market capitalization of $594.04 million, a price-to-earnings ratio of -9.83 and a beta of 1.67. The stock has a fifty day moving average price of $9.15 and a two-hundred day moving average price of $11.32.

Insider Transactions at Serve Robotics

In other news, CFO Brian Read sold 2,000 shares of Serve Robotics stock in a transaction on Monday, June 9th. The stock was sold at an average price of $12.59, for a total value of $25,180.00. Following the completion of the sale, the chief financial officer now owns 217,705 shares of the company's stock, valued at $2,740,905.95. The trade was a 0.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 57,183 shares of company stock valued at $458,440 over the last three months. 5.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Serve Robotics

A number of hedge funds and other institutional investors have recently made changes to their positions in SERV. Uber Technologies Inc purchased a new stake in shares of Serve Robotics in the fourth quarter valued at $71,534,000. Capital Fund Management S.A. purchased a new stake in Serve Robotics during the first quarter valued at about $4,244,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Serve Robotics by 616.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 679,014 shares of the company's stock valued at $3,972,000 after acquiring an additional 584,302 shares during the period. Vanguard Group Inc. grew its position in Serve Robotics by 74.6% during the fourth quarter. Vanguard Group Inc. now owns 1,274,303 shares of the company's stock valued at $17,203,000 after acquiring an additional 544,537 shares during the period. Finally, Legal & General Group Plc purchased a new stake in Serve Robotics during the fourth quarter valued at about $6,629,000.

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.