Serve Robotics (NASDAQ:SERV) Stock Price Up 3.2% - Time to Buy?

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) shares traded up 3.2% during trading on Wednesday . The stock traded as high as $11.17 and last traded at $11.11. 1,126,503 shares were traded during trading, a decline of 89% from the average session volume of 10,145,243 shares. The stock had previously closed at $10.76.

Analysts Set New Price Targets

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

Serve Robotics Price Performance

The firm has a market capitalization of $594.04 million, a price-to-earnings ratio of -9.83 and a beta of 1.67. The business's 50 day moving average price is $9.15 and its 200-day moving average price is $11.32.

Insiders Place Their Bets

In other news, CFO Brian Read sold 2,000 shares of the company's stock in a transaction on Monday, June 9th. The shares were sold at an average price of $12.59, for a total transaction of $25,180.00. Following the transaction, the chief financial officer now directly owns 217,705 shares of the company's stock, valued at $2,740,905.95. This represents a 0.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last 90 days, insiders have sold 57,183 shares of company stock worth $458,440. Company insiders own 5.50% of the company's stock.

Institutional Trading of Serve Robotics

A number of institutional investors have recently added to or reduced their stakes in SERV. Blue Trust Inc. acquired a new stake in shares of Serve Robotics during the 4th quarter valued at approximately $27,000. CIBC Private Wealth Group LLC acquired a new position in Serve Robotics during the fourth quarter worth $34,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Serve Robotics during the first quarter worth $49,000. KLP Kapitalforvaltning AS acquired a new stake in Serve Robotics in the first quarter valued at $49,000. Finally, Wells Fargo & Company MN increased its position in shares of Serve Robotics by 294.0% in the fourth quarter. Wells Fargo & Company MN now owns 10,855 shares of the company's stock valued at $147,000 after buying an additional 8,100 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.