Serve Robotics (NASDAQ:SERV) Shares Up 1.9% - Here's What Happened

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s share price rose 1.9% during trading on Monday . The company traded as high as $12.09 and last traded at $11.93. Approximately 2,719,324 shares traded hands during trading, a decline of 71% from the average daily volume of 9,538,972 shares. The stock had previously closed at $11.70.

Analyst Ratings Changes

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

Serve Robotics Price Performance

The firm has a market cap of $632.24 million, a P/E ratio of -10.46 and a beta of 0.13. The stock's 50 day moving average is $11.06 and its two-hundred day moving average is $10.89.

Insider Activity

In other news, CFO Brian Read sold 29,100 shares of the company's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $7.06, for a total value of $205,446.00. Following the completion of 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David Michael Goldberg sold 10,700 shares of the stock in a transaction on Monday, June 23rd. The shares were 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 of the company's stock, valued at approximately $539,206.75. This represents a 17.42% 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. 21.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Serve Robotics

A number of hedge funds have recently made changes to their positions in the stock. CIBC Private Wealth Group LLC bought a new position in shares of Serve Robotics in the fourth quarter valued at approximately $34,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in Serve Robotics during the first quarter valued at $49,000. KLP Kapitalforvaltning AS purchased a new stake in Serve Robotics in the first quarter valued at approximately $49,000. Wells Fargo & Company MN raised its position in Serve Robotics by 294.0% during the fourth quarter. Wells Fargo & Company MN now owns 10,855 shares of the company's stock valued at $147,000 after purchasing an additional 8,100 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. bought a new position in shares of Serve Robotics during the fourth quarter valued at about $151,000.

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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