Serve Robotics (NASDAQ:SERV) Stock Price Up 7.1% - Here's What Happened

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s share price was up 7.1% during trading on Tuesday . The stock traded as high as $11.15 and last traded at $10.99. Approximately 1,624,986 shares traded hands during trading, a decline of 84% from the average daily volume of 10,182,755 shares. The stock had previously closed at $10.26.

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 on the stock. Three research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Strong Buy" and a consensus price target of $18.67.

Serve Robotics Stock Up 7.9%

The stock has a 50-day moving average price of $9.24 and a 200 day moving average price of $11.33. The firm has a market capitalization of $631.10 million, a PE ratio of -10.44 and a beta of 1.66.

Insider Buying and Selling at Serve Robotics

In related news, Director David Michael Goldberg sold 10,700 shares of the business's stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $10.63, for a total transaction of $113,741.00. Following the completion of the sale, the director now directly owns 50,725 shares in the company, valued at approximately $539,206.75. The trade was a 17.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Brian Read sold 29,100 shares of the business's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $7.06, for a total value of $205,446.00. Following the sale, the chief financial officer now owns 240,900 shares of the company's stock, valued at $1,700,754. The trade was a 10.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 67,883 shares of company stock valued at $572,181 over the last ninety days. Corporate insiders own 21.40% of the company's stock.

Institutional Trading of Serve Robotics

Large investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. purchased a new stake in Serve Robotics in the 4th quarter valued at $27,000. CIBC Private Wealth Group LLC acquired a new position in shares of Serve Robotics in the 4th quarter valued at $34,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Serve Robotics in the 1st quarter valued at $49,000. KLP Kapitalforvaltning AS acquired a new position in shares of Serve Robotics in the 1st quarter valued at $49,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of 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 purchasing an additional 1,545 shares during the last quarter.

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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