Serve Robotics (NASDAQ:SERV) Stock Price Up 1.9% - Here's Why

Shares of Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) rose 1.9% during trading on Monday . The company traded as high as $12.55 and last traded at $11.92. Approximately 2,757,195 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 9,920,386 shares. The stock had previously closed at $11.70.

Wall Street Analyst Weigh In

SERV has been the subject of a number of analyst reports. Cantor Fitzgerald initiated coverage on shares of Serve Robotics in a research report on Thursday, May 22nd. They issued an "overweight" rating for the company. Northland Securities set a $23.00 price target on Serve Robotics in a research note on Tuesday, February 18th. Three equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Strong Buy" and an average price target of $18.67.

Serve Robotics Stock Performance

The company's fifty day simple moving average is $7.57 and its two-hundred day simple moving average is $11.05. The company has a market capitalization of $658.43 million and a price-to-earnings ratio of -10.90.

Insider Transactions at Serve Robotics

In related news, CFO Brian Read sold 29,100 shares of the company'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 transaction of $205,446.00. Following the sale, the chief financial officer now directly owns 240,900 shares of the company's stock, valued at approximately $1,700,754. This represents a 10.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Over the last 90 days, insiders have sold 58,164 shares of company stock valued at $455,198. Insiders own 5.50% of the company's stock.

Institutional Trading of Serve Robotics

Several institutional investors have recently added to or reduced their stakes in the business. Blue Trust Inc. bought a new position in shares of Serve Robotics in the 4th quarter worth about $27,000. CIBC Private Wealth Group LLC acquired a new stake in Serve Robotics during the fourth quarter worth about $34,000. Bogart Wealth LLC bought a new position in Serve Robotics in the fourth quarter worth about $37,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in Serve Robotics in the first quarter valued at approximately $49,000. Finally, SG Americas Securities LLC bought a new position in shares of Serve Robotics during the fourth quarter valued at approximately $114,000.

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.