Serve Robotics (NASDAQ:SERV) Shares Up 1.8% - Here's What Happened

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s stock price shot up 1.8% during trading on Wednesday . The company traded as high as $11.14 and last traded at $11.17. 1,418,114 shares changed hands during trading, a decline of 84% from the average session volume of 8,938,864 shares. The stock had previously closed at $10.97.

Analysts Set New Price Targets

Separately, Cantor Fitzgerald initiated coverage on shares of Serve Robotics in a report on Thursday, May 22nd. They set an "overweight" rating for the company. Three analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Strong Buy" and a consensus price target of $18.67.

Serve Robotics Stock Up 6.2%

The firm's 50 day moving average is $11.06 and its 200-day moving average is $10.89. The firm has a market cap of $664.28 million, a PE ratio of -10.99 and a beta of 0.13.

Insider Buying and Selling

In related news, Director David Michael Goldberg sold 10,700 shares of the stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $10.63, for a total transaction of $113,741.00. Following the completion of the sale, the director owned 50,725 shares in the company, valued at $539,206.75. This represents a 17.42% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Brian Read sold 29,100 shares of the business's stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $7.06, for a total value of $205,446.00. Following the transaction, the chief financial officer owned 240,900 shares in the company, valued at $1,700,754. This represents a 10.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 66,751 shares of company stock worth $572,318 in the last quarter. Company insiders own 21.40% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. raised its holdings in 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 buying an additional 1,545 shares during the period. CIBC Private Wealth Group LLC bought a new stake in Serve Robotics in the 4th quarter valued at $34,000. Jefferies Financial Group Inc. raised its holdings in Serve Robotics by 30.3% in the 4th quarter. Jefferies Financial Group Inc. now owns 17,200 shares of the company's stock valued at $232,000 after acquiring an additional 4,000 shares in the last quarter. PFG Investments LLC lifted its position in shares of Serve Robotics by 12.3% during the 1st quarter. PFG Investments LLC now owns 36,498 shares of the company's stock valued at $210,000 after acquiring an additional 4,000 shares during the period. Finally, DnB Asset Management AS lifted its stake in Serve Robotics by 52.3% during the fourth quarter. DnB Asset Management AS now owns 21,356 shares of the company's stock worth $288,000 after purchasing an additional 7,336 shares during the last quarter.

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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