Shares of Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) shot up 2.8% during trading on Wednesday . The company traded as high as $12.73 and last traded at $12.44. 2,380,472 shares were traded during mid-day trading, a decline of 76% from the average session volume of 10,048,233 shares. The stock had previously closed at $12.10.
Wall Street Analyst Weigh In
SERV has been the subject of several analyst reports. Northland Securities set a $23.00 target price on Serve Robotics in a research report on Tuesday, February 18th. Cantor Fitzgerald initiated coverage on Serve Robotics in a research 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 stock. Based on data from MarketBeat.com, Serve Robotics currently has an average rating of "Strong Buy" and an average target price of $18.67.
Check Out Our Latest Stock Report on SERV
Serve Robotics Trading Down 8.3%
The firm has a market cap of $621.95 million, a P/E ratio of -10.29 and a beta of 1.67. The company has a fifty day moving average price of $8.61 and a two-hundred day moving average price of $11.25.
Insider Activity
In other Serve Robotics news, CFO Brian Read sold 7,000 shares of the business's stock in a transaction that occurred on Friday, May 9th. The stock was sold at an average price of $8.03, for a total value of $56,210.00. Following the sale, the chief financial officer now owns 233,900 shares in the company, valued at approximately $1,878,217. The trade was a 2.91% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have sold 60,164 shares of company stock worth $480,378 in the last 90 days. Corporate insiders own 5.50% of the company's stock.
Institutional Investors Weigh In On Serve Robotics
Several institutional investors have recently bought and sold shares of the company. Blue Trust Inc. bought a new stake in shares of Serve Robotics during the 4th quarter worth approximately $27,000. CIBC Private Wealth Group LLC acquired a new position in shares of Serve Robotics during the 4th quarter worth approximately $34,000. Bogart Wealth LLC acquired a new position in shares of Serve Robotics during the 4th quarter worth approximately $37,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Serve Robotics during the 1st quarter worth approximately $49,000. Finally, KLP Kapitalforvaltning AS acquired a new position in shares of Serve Robotics during the 1st quarter worth approximately $49,000.
About Serve Robotics
(
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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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