Serve Robotics (NASDAQ:SERV) Shares Up 1.3% - Here's What Happened

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

Analysts Set New Price Targets

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

Serve Robotics Stock Up 1.3%

The stock has a market cap of $621.41 million, a P/E ratio of -10.28 and a beta of 1.67. The company has a 50-day simple moving average of $8.94 and a two-hundred day simple moving average of $11.28.

Insider Buying and Selling

In related news, CFO Brian Read sold 29,100 shares of the business's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $7.06, for a total transaction of $205,446.00. Following the transaction, the chief financial officer now owns 240,900 shares in the company, valued at $1,700,754. The trade was a 10.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have 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 owned by company insiders.

Institutional Trading of Serve Robotics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Blue Trust Inc. bought a new position in Serve Robotics in the 4th quarter worth $27,000. CIBC Private Wealth Group LLC purchased a new position in shares of Serve Robotics during the fourth quarter valued at about $34,000. Mirae Asset Global Investments Co. Ltd. bought a new position in Serve Robotics in the first quarter worth about $49,000. KLP Kapitalforvaltning AS bought a new stake in Serve Robotics during the 1st quarter valued at approximately $49,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Serve Robotics by 13.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 12,728 shares of the company's stock worth $73,000 after acquiring an additional 1,545 shares during the period.

About Serve Robotics

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.

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