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

Key Points

• Serve Robotics' stock rose 1.9% to trade at $10.30, with a significant decline in trading volume at approximately 1.26 million shares compared to an average of 7.33 million shares.
• Cantor Fitzgerald has initiated coverage of Serve Robotics with an "overweight" rating, contributing to a consensus rating of "Buy" and an average price target of $18.67.
• Insider trading activities revealed that CFO Brian Read sold 29,100 shares at an average price of $7.06, marking a 10.78% decrease in ownership.

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s stock price traded up 1.9% on Thursday . The stock traded as high as $10.59 and last traded at $10.30. 1,261,514 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 7,330,300 shares. The stock had previously closed at $10.11.

Analysts Set New Price Targets

Separately, Cantor Fitzgerald assumed coverage on Serve Robotics in a research note on Thursday, May 22nd. They issued an "overweight" rating on the stock. Three analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $18.67.

Serve Robotics Stock Down 1.8%

The stock has a 50 day moving average price of $11.24 and a 200 day moving average price of $10.44. The stock has a market capitalization of $570.67 million, a price-to-earnings ratio of -9.44 and a beta of -0.07.

Insider Transactions 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 stock was sold at an average price of $10.63, for a total transaction of $113,741.00. Following the sale, the director directly owned 50,725 shares of the company's stock, valued at approximately $539,206.75. This trade represents a 17.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Brian Read sold 2,000 shares of Serve Robotics stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $12.59, for a total value of $25,180.00. Following the completion of the transaction, the chief financial officer directly owned 217,705 shares in the company, valued at approximately $2,740,905.95. This represents a 0.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 38,863 shares of company stock worth $379,550 over the last three months. Insiders own 5.50% of the company's stock.

Hedge Funds Weigh In On Serve Robotics

A number of hedge funds and other institutional investors have recently made changes to their positions in SERV. CIBC Private Wealth Group LLC acquired a new position in shares of Serve Robotics in the fourth quarter worth approximately $34,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Serve Robotics in the first quarter worth approximately $49,000. KLP Kapitalforvaltning AS bought a new stake in Serve Robotics in the first quarter worth approximately $49,000. Charles Schwab Investment Management Inc. increased its holdings in Serve Robotics by 13.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 12,728 shares of the company's stock worth $73,000 after purchasing an additional 1,545 shares in the last quarter. Finally, Arkadios Wealth Advisors bought a new stake in Serve Robotics in the first quarter worth approximately $74,000.

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.