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Serve Robotics (NASDAQ:SERV) Shares Up 1.6% - Here's What Happened

Serve Robotics logo with Computer and Technology background

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) shot up 1.6% during mid-day trading on Tuesday . The company traded as high as $10.75 and last traded at $10.54. 1,341,286 shares were traded during trading, a decline of 87% from the average session volume of 10,380,835 shares. The stock had previously closed at $10.37.

Wall Street Analysts Forecast Growth

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

Check Out Our Latest Stock Analysis on Serve Robotics

Serve Robotics Price Performance

The firm has a market capitalization of $574.95 million, a P/E ratio of -9.60 and a beta of 0.13. The business's 50-day moving average is $10.52 and its 200 day moving average is $11.10.

Insider Transactions at Serve Robotics

In other Serve Robotics news, Director David Michael Goldberg sold 10,700 shares of the firm's stock in a transaction dated 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 $539,206.75. This trade represents a 17.42% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Brian Read sold 29,100 shares of the firm's stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $7.06, for a total transaction of $205,446.00. Following the completion of the transaction, the chief financial officer directly owned 240,900 shares in the company, valued at approximately $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 have sold 66,751 shares of company stock worth $572,318. 5.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Serve Robotics

Several hedge funds have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. increased its holdings in Serve Robotics by 13.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 12,728 shares of the company's stock valued at $73,000 after buying an additional 1,545 shares during the period. CIBC Private Wealth Group LLC bought a new position in Serve Robotics in the 4th quarter valued at about $34,000. Jefferies Financial Group Inc. increased its holdings in Serve Robotics by 30.3% in the 4th quarter. Jefferies Financial Group Inc. now owns 17,200 shares of the company's stock valued at $232,000 after buying an additional 4,000 shares during the period. PFG Investments LLC increased its holdings in Serve Robotics by 12.3% in the 1st quarter. PFG Investments LLC now owns 36,498 shares of the company's stock valued at $210,000 after buying an additional 4,000 shares during the period. Finally, DnB Asset Management AS increased its holdings in Serve Robotics by 52.3% in the 4th quarter. DnB Asset Management AS now owns 21,356 shares of the company's stock valued at $288,000 after buying an additional 7,336 shares during the period.

Serve Robotics Company Profile

(Get Free Report)

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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