Serve Robotics (NASDAQ:SERV) Trading 1.9% Higher - What's Next?

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) was up 1.9% on Thursday . The company traded as high as $10.59 and last traded at $10.30. Approximately 1,261,514 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 7,330,300 shares. The stock had previously closed at $10.11.

Analyst Ratings Changes

Separately, Cantor Fitzgerald started coverage on Serve Robotics in a report on Thursday, May 22nd. They issued an "overweight" rating for the company. Three analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $18.67.

Serve Robotics Price Performance

The firm has a market capitalization of $572.10 million, a PE ratio of -9.52 and a beta of 0.13. The firm has a fifty day moving average price of $11.27 and a 200 day moving average price of $10.54.

Insider Buying and Selling at Serve Robotics

In other news, Director David Michael Goldberg sold 10,700 shares of the company's stock in a transaction 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 directly owned 50,725 shares of the company's stock, valued at $539,206.75. This represents a 17.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Brian Read sold 2,000 shares of the company's stock in a transaction on Monday, June 9th. The shares were sold at an average price of $12.59, for a total value of $25,180.00. Following the sale, the chief financial officer directly owned 217,705 shares of the company's stock, 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. Over the last ninety days, insiders have sold 38,863 shares of company stock valued at $379,550. 5.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Serve Robotics

Institutional investors and hedge funds have recently bought and sold shares of the business. Bogart Wealth LLC increased its holdings in shares of Serve Robotics by 1,230.6% in the 2nd quarter. Bogart Wealth LLC now owns 11,975 shares of the company's stock valued at $137,000 after purchasing an additional 11,075 shares during the period. Vontobel Holding Ltd. acquired a new position in shares of Serve Robotics in the 2nd quarter valued at about $240,000. Exchange Traded Concepts LLC increased its holdings in shares of Serve Robotics by 12.9% in the 2nd quarter. Exchange Traded Concepts LLC now owns 996,283 shares of the company's stock valued at $11,397,000 after purchasing an additional 113,761 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of Serve Robotics by 280.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 297,138 shares of the company's stock valued at $1,709,000 after purchasing an additional 219,018 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Serve Robotics by 616.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 679,014 shares of the company's stock valued at $3,972,000 after purchasing an additional 584,302 shares during the period.

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.