Serve Robotics (NASDAQ:SERV) Stock Price Up 1.6% - Here's Why

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s share price was up 1.6% on Tuesday . The stock traded as high as $10.75 and last traded at $10.54. Approximately 1,341,286 shares traded hands during trading, a decline of 87% from the average daily volume of 10,380,835 shares. The stock had previously closed at $10.37.

Wall Street Analysts Forecast Growth

Separately, Cantor Fitzgerald started coverage on Serve Robotics in a report on Thursday, May 22nd. They set an "overweight" rating on the stock. Three analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Strong Buy" and an average price target of $18.67.

Serve Robotics Stock Up 0.6%

The business has a 50-day moving average price of $10.26 and a two-hundred day moving average price of $11.13. The firm has a market cap of $594.61 million, a PE ratio of -9.84 and a beta of 0.13.

Insiders Place Their Bets

In other news, Director David Michael Goldberg sold 10,700 shares of the business's stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $10.63, for a total value of $113,741.00. Following the completion of the sale, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Brian Read sold 2,000 shares of the company's stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $12.59, for a total value of $25,180.00. Following the sale, the chief financial officer directly owned 217,705 shares of the company's stock, valued at approximately $2,740,905.95. This represents a 0.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 66,751 shares of company stock worth $572,318 in the last ninety days. Corporate insiders own 21.40% of the company's stock.

Institutional Trading of Serve Robotics

Several institutional investors and hedge funds have recently added to or reduced their stakes in SERV. Uber Technologies Inc purchased a new stake in Serve Robotics during the 4th quarter valued at approximately $71,534,000. Capital Fund Management S.A. purchased a new position in shares of Serve Robotics during the 1st quarter worth approximately $4,244,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Serve Robotics by 616.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 679,014 shares of the company's stock worth $3,972,000 after buying an additional 584,302 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Serve Robotics by 74.6% during the 4th quarter. Vanguard Group Inc. now owns 1,274,303 shares of the company's stock worth $17,203,000 after buying an additional 544,537 shares in the last quarter. Finally, Legal & General Group Plc purchased a new position in shares of Serve Robotics during the 4th quarter worth approximately $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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