Serve Robotics (NASDAQ:SERV) Shares Up 4.5% - Time to Buy?

Shares of Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) rose 4.5% during trading on Monday . The company traded as high as $12.23 and last traded at $11.95. Approximately 2,929,166 shares traded hands during mid-day trading, a decline of 62% from the average daily volume of 7,668,393 shares. The stock had previously closed at $11.44.

Analyst Upgrades and Downgrades

Separately, Cantor Fitzgerald began coverage on shares of Serve Robotics in a 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 issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Strong Buy" and a consensus price target of $18.67.

Serve Robotics Trading Up 4.9%

The stock's 50-day simple moving average is $9.68 and its 200-day simple moving average is $11.29. The stock has a market cap of $684.41 million, a price-to-earnings ratio of -11.33 and a beta of 1.66.

Insider Transactions at Serve Robotics

In other Serve Robotics news, Director David Michael Goldberg sold 10,700 shares of the company's 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 sale, the director now owns 50,725 shares of the company's stock, valued at approximately $539,206.75. This represents a 17.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Brian Read sold 29,100 shares of the business's stock in a transaction dated 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 now directly owns 240,900 shares in the company, valued at $1,700,754. This represents a 10.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 67,883 shares of company stock worth $572,181. Corporate insiders own 21.40% of the company's stock.

Institutional Investors Weigh In On Serve Robotics

Several large investors have recently added to or reduced their stakes in the business. Uber Technologies Inc bought a new position in shares of Serve Robotics during the 4th quarter worth approximately $71,534,000. Vanguard Group Inc. boosted its stake in Serve Robotics by 74.6% during the fourth quarter. Vanguard Group Inc. now owns 1,274,303 shares of the company's stock worth $17,203,000 after acquiring an additional 544,537 shares in the last quarter. Exchange Traded Concepts LLC grew its holdings in Serve Robotics by 31.4% in the first quarter. Exchange Traded Concepts LLC now owns 882,522 shares of the company's stock worth $5,075,000 after purchasing an additional 210,977 shares during the period. Capital Fund Management S.A. bought a new stake in Serve Robotics in the first quarter valued at $4,244,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Serve Robotics by 616.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 679,014 shares of the company's stock valued at $3,972,000 after purchasing an additional 584,302 shares during the period.

Serve Robotics Company Profile

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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