Serve Robotics (NASDAQ:SERV) Shares Up 3.2% - Here's Why

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s stock price shot 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 traded hands during trading, a decline of 89% from the average session volume of 10,145,243 shares. The stock had previously closed at $10.76.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on SERV shares. Northland Securities set a $23.00 price objective on shares of Serve Robotics in a research report on Tuesday, February 18th. Cantor Fitzgerald began coverage on Serve Robotics in a research note on Thursday, May 22nd. They set an "overweight" rating for the company. Three equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Strong Buy" and an average target price of $18.67.

Serve Robotics Stock Up 0.9%

The firm has a market cap of $619.19 million, a PE ratio of -10.33 and a beta of 1.67. The stock's fifty day simple moving average is $8.84 and its two-hundred day simple moving average is $11.28.

Insider Transactions at Serve Robotics

In other news, CFO Brian Read sold 29,100 shares of the stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $7.06, for a total value of $205,446.00. Following the sale, the chief financial officer now directly owns 240,900 shares in the company, valued at approximately $1,700,754. This represents a 10.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders sold 57,183 shares of company stock worth $458,440 in the last three months. Corporate insiders own 21.40% of the company's stock.

Institutional Trading of Serve Robotics

Hedge funds and other institutional investors have recently made changes to their positions in the business. Uber Technologies Inc purchased a new position in Serve Robotics during the fourth quarter worth about $71,534,000. Capital Fund Management S.A. acquired a new position in shares of Serve Robotics during the first quarter worth about $4,244,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Serve Robotics by 616.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 679,014 shares of the company's stock worth $3,972,000 after acquiring an additional 584,302 shares during the period. Vanguard Group Inc. lifted its stake 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 buying an additional 544,537 shares in the last quarter. Finally, Legal & General Group Plc acquired a new stake in Serve Robotics in the 4th quarter worth about $6,629,000.

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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