Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s share price rose 4.5% during mid-day trading on Monday . The company traded as high as $12.23 and last traded at $11.95. Approximately 2,929,166 shares changed hands during trading, a decline of 62% from the average daily volume of 7,668,393 shares. The stock had previously closed at $11.44.
Analyst Ratings Changes
Separately, Cantor Fitzgerald initiated coverage on shares of Serve Robotics in a research report on Thursday, May 22nd. They issued 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 company. According to MarketBeat, Serve Robotics presently has an average rating of "Strong Buy" and a consensus target price of $18.67.
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Serve Robotics Price Performance
The company has a market capitalization of $614.28 million, a price-to-earnings ratio of -10.16 and a beta of 0.13. The business has a fifty day moving average price of $10.10 and a 200 day moving average price of $11.24.
Insider Transactions at Serve Robotics
In other Serve Robotics news, CFO Brian Read sold 2,000 shares of the company's stock in a transaction that occurred on Monday, June 9th. The stock was 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 directly owned 217,705 shares in the company, valued at $2,740,905.95. This represents a 0.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 value of $113,741.00. Following the transaction, the director directly owned 50,725 shares of the company's stock, valued at approximately $539,206.75. The trade was a 17.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 69,174 shares of company stock worth $586,163 over the last 90 days. 5.50% of the stock is owned by insiders.
Institutional Trading of Serve Robotics
Hedge funds and other institutional investors have recently modified their holdings of the company. CIBC Private Wealth Group LLC bought a new position in Serve Robotics during the fourth quarter valued at about $34,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Serve Robotics in the 1st quarter valued at about $49,000. KLP Kapitalforvaltning AS bought a new stake in shares of Serve Robotics in the 1st quarter worth approximately $49,000. Charles Schwab Investment Management Inc. lifted its stake 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 purchasing an additional 1,545 shares during the last quarter. Finally, Arkadios Wealth Advisors bought a new stake in Serve Robotics during the first quarter worth approximately $74,000.
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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