Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) shot up 6.2% on Wednesday . The stock traded as high as $12.18 and last traded at $12.26. 2,200,524 shares were traded during mid-day trading, a decline of 78% from the average session volume of 9,919,536 shares. The stock had previously closed at $11.55.
Wall Street Analyst Weigh In
Several research firms recently weighed in on SERV. Cantor Fitzgerald began coverage on shares of Serve Robotics in a research note on Thursday, May 22nd. They issued an "overweight" rating for the company. Northland Securities set a $23.00 target price on shares of Serve Robotics in a research note on Tuesday, February 18th. Three equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, Serve Robotics has a consensus rating of "Strong Buy" and an average price target of $18.67.
Check Out Our Latest Research Report on SERV
Serve Robotics Price Performance
The business's 50-day moving average price is $7.69 and its two-hundred day moving average price is $11.06. The company has a market capitalization of $653.30 million and a P/E ratio of -10.81.
Insider Activity at Serve Robotics
In other Serve Robotics news, CFO Brian Read sold 29,100 shares of Serve Robotics stock in a transaction on Friday, May 2nd. The shares were 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. The trade was a 10.78% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In the last ninety days, insiders have sold 58,164 shares of company stock valued at $455,198. 5.50% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
Institutional investors have recently modified their holdings of the company. Blue Trust Inc. bought a new stake in shares of Serve Robotics during the 4th quarter worth about $27,000. CIBC Private Wealth Group LLC bought a new stake in shares of Serve Robotics during the 4th quarter worth about $34,000. Bogart Wealth LLC bought a new stake in Serve Robotics in the 4th quarter valued at about $37,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in Serve Robotics in the 1st quarter valued at about $49,000. Finally, KLP Kapitalforvaltning AS bought a new stake in Serve Robotics in the 1st quarter valued at about $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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