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

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.

Shares of Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) rose 1.8% on Friday . The company traded as high as $11.62 and last traded at $11.61. Approximately 1,489,486 shares changed hands during trading, a decline of 80% from the average daily volume of 7,392,862 shares. The stock had previously closed at $11.40.

Wall Street Analysts Forecast Growth

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

Serve Robotics Price Performance

The firm has a market cap of $647.03 million, a price-to-earnings ratio of -10.71 and a beta of 0.13. The firm has a fifty day simple moving average of $11.26 and a two-hundred day simple moving average of $10.63.

Insider Buying and Selling

In related news, Director David Michael Goldberg sold 10,700 shares of the company's 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 in the company, valued at $539,206.75. This represents a 17.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Brian Read sold 2,000 shares of the company's stock in a transaction that occurred on Monday, June 9th. The shares were 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 owned 217,705 shares in the company, valued at approximately $2,740,905.95. This represents a 0.91% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 66,751 shares of company stock worth $572,318. 5.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. raised its position in Serve Robotics by 13.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 12,728 shares of the company's stock valued at $73,000 after acquiring an additional 1,545 shares in the last quarter. CIBC Private Wealth Group LLC purchased a new position in Serve Robotics during the fourth quarter valued at approximately $34,000. Jefferies Financial Group Inc. increased its position in shares of Serve Robotics by 30.3% in the fourth quarter. Jefferies Financial Group Inc. now owns 17,200 shares of the company's stock valued at $232,000 after buying an additional 4,000 shares in the last quarter. PFG Investments LLC increased its position in shares of Serve Robotics by 12.3% in the first quarter. PFG Investments LLC now owns 36,498 shares of the company's stock valued at $210,000 after buying an additional 4,000 shares in the last quarter. Finally, DnB Asset Management AS increased its position in shares of Serve Robotics by 52.3% in the fourth quarter. DnB Asset Management AS now owns 21,356 shares of the company's stock valued at $288,000 after buying an additional 7,336 shares in 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.