Serve Robotics (NASDAQ:SERV) Stock Price Up 7.7% - What's Next?

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) shares rose 7.7% on Monday . The stock traded as high as $10.75 and last traded at $10.82. Approximately 2,450,410 shares changed hands during trading, a decline of 67% from the average daily volume of 7,461,605 shares. The stock had previously closed at $10.04.

Wall Street Analysts Forecast Growth

Separately, Cantor Fitzgerald initiated coverage on shares of Serve Robotics in a research report 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's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Strong Buy" and a consensus price target of $18.67.

Serve Robotics Stock Performance

The company has a 50 day moving average price of $10.87 and a 200 day moving average price of $10.97. The company has a market capitalization of $688.68 million, a price-to-earnings ratio of -11.40 and a beta of 0.13.

Insider Activity at Serve Robotics

In other news, Director David Michael Goldberg sold 10,700 shares of Serve Robotics stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $10.63, for a total transaction of $113,741.00. Following the completion of the transaction, the director directly owned 50,725 shares in the company, valued at $539,206.75. This trade represents a 17.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Brian Read sold 29,100 shares of Serve Robotics 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 transaction, the chief financial officer owned 240,900 shares of the company's stock, valued at $1,700,754. This represents a 10.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 66,751 shares of company stock worth $572,318. Corporate insiders own 5.50% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. CIBC Private Wealth Group LLC bought a new position in shares of Serve Robotics during the fourth quarter valued at about $34,000. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Serve Robotics during the first quarter valued at about $49,000. KLP Kapitalforvaltning AS bought a new position in shares of Serve Robotics during the first quarter valued at about $49,000. Charles Schwab Investment Management Inc. lifted its position in shares of Serve Robotics by 13.8% during the first 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 in the last quarter. Finally, Arkadios Wealth Advisors bought a new position in shares of Serve Robotics during the first quarter valued at about $74,000.

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.