Serve Robotics (NASDAQ:SERV) Trading Up 7.1% - Still a Buy?

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

Wall Street Analyst Weigh In

Separately, Cantor Fitzgerald began coverage on Serve Robotics in a research report on Thursday, May 22nd. They set an "overweight" rating for the company. Three investment analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company's stock. According to data from MarketBeat, Serve Robotics presently has a consensus rating of "Strong Buy" and a consensus target price of $18.67.

Serve Robotics Trading Up 1.6%

The company has a market capitalization of $651.30 million, a P/E ratio of -10.78 and a beta of 1.67. The company's 50 day moving average is $9.56 and its 200-day moving average is $11.31.

Insider Activity at Serve Robotics

In related news, CFO Brian Read sold 7,000 shares of the stock in a transaction dated Friday, May 9th. The shares were sold at an average price of $8.03, for a total transaction of $56,210.00. Following the sale, the chief financial officer now directly owns 233,900 shares of the company's stock, valued at approximately $1,878,217. This represents a 2.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director David Michael Goldberg sold 10,700 shares of the stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $10.63, for a total transaction of $113,741.00. Following the sale, the director now owns 50,725 shares in the company, valued at approximately $539,206.75. The trade was a 17.42% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 67,883 shares of company stock valued at $572,181 in the last 90 days. Corporate insiders own 5.50% of the company's stock.

Hedge Funds Weigh In On Serve Robotics

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

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.