Serve Robotics (NASDAQ:SERV) Shares Up 1.8% - What's Next?

Key Points

• Serve Robotics Inc. shares rose by 1.8% on Friday, trading at approximately $11.61, but saw a significant decline in trading volume, down 80% from the average.
• Analysts have a positive outlook on the stock with a consensus "Buy" rating and a price target of $18.67, thanks in part to Cantor Fitzgerald's recent "overweight" rating.
• Insiders have been selling shares, including Director David Michael Goldberg, who sold 10,700 shares, reducing his holdings by 17.42%.
• Institutional investors such as Vanguard Group have increased their positions in Serve Robotics, reflecting growing investor interest in the company.

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s share price shot up 1.8% during trading on Friday . The stock traded as high as $11.62 and last traded at $11.61. 1,489,486 shares changed hands during mid-day trading, a decline of 80% from the average session volume of 7,392,862 shares. The stock had previously closed at $11.40.

Analyst Ratings Changes

Separately, Cantor Fitzgerald initiated coverage on Serve Robotics in a research note on Thursday, May 22nd. They issued an "overweight" rating for the company. Three investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $18.67.

Serve Robotics Trading Up 2.0%

The stock has a 50 day simple moving average of $11.24 and a 200-day simple moving average of $10.76. The firm has a market cap of $662.99 million, a P/E ratio of -11.01 and a beta of 0.13.

Insider Buying and Selling

In other Serve Robotics news, Director David Michael Goldberg sold 10,700 shares of Serve Robotics stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $10.63, for a total value of $113,741.00. Following the sale, the director owned 50,725 shares of the company's stock, valued at $539,206.75. The trade was a 17.42% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Brian Read sold 2,000 shares of Serve Robotics stock in a transaction that occurred 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 directly owned 217,705 shares in the company, valued at approximately $2,740,905.95. The trade was a 0.91% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 66,751 shares of company stock worth $572,318. Corporate insiders own 5.50% of the company's stock.

Institutional Investors Weigh In On Serve Robotics

Several hedge funds and other institutional investors have recently made changes to their positions in SERV. Charles Schwab Investment Management Inc. purchased a new stake in shares of Serve Robotics in the fourth quarter valued at $151,000. Raymond James Financial Inc. bought a new position in Serve Robotics in the 4th quarter valued at $1,978,000. Commonwealth Equity Services LLC bought a new position in Serve Robotics in the 4th quarter valued at $248,000. LPL Financial LLC bought a new position in Serve Robotics in the 4th quarter valued at $294,000. Finally, Vanguard Group Inc. grew its position in Serve Robotics by 74.6% in the 4th 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 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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