Serve Robotics (NASDAQ:SERV) Shares Up 6.2% - Here's What Happened

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) shares traded up 6.2% during mid-day trading on Wednesday . The stock traded as high as $12.18 and last traded at $12.26. 2,200,524 shares were traded during 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 Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Cantor Fitzgerald started coverage on shares of Serve Robotics in a research note on Thursday, May 22nd. They set an "overweight" rating on the stock. Northland Securities set a $23.00 price target on shares of Serve Robotics in a research note on Tuesday, February 18th. Three investment analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Strong Buy" and a consensus target price of $18.67.

Serve Robotics Stock Performance

The stock's fifty day moving average is $7.95 and its two-hundred day moving average is $11.13. The firm has a market capitalization of $738.24 million, a price-to-earnings ratio of -12.22 and a beta of 1.67.

Insiders Place Their Bets

In other Serve Robotics news, CFO Brian Read sold 7,000 shares of the firm's stock in a transaction on Friday, May 9th. The shares were sold at an average price of $8.03, for a total transaction of $56,210.00. Following the completion of the transaction, the chief financial officer now directly owns 233,900 shares of the company's stock, valued at $1,878,217. This trade represents a 2.91% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 58,164 shares of company stock valued at $455,198 in the last ninety days. Corporate insiders own 5.50% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Uber Technologies Inc bought a new position in shares of Serve Robotics in the 4th quarter worth about $71,534,000. Raymond James Financial Inc. acquired a new position in shares of Serve Robotics in the 4th quarter valued at about $1,978,000. Man Group plc acquired a new position in shares of Serve Robotics in the 4th quarter valued at about $467,000. Geode Capital Management LLC boosted its holdings in shares of Serve Robotics by 36.6% in the 4th quarter. Geode Capital Management LLC now owns 178,780 shares of the company's stock valued at $2,415,000 after buying an additional 47,927 shares during the period. Finally, OMERS ADMINISTRATION Corp acquired a new position in shares of Serve Robotics in the 4th quarter valued at about $431,000.

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.