Serve Robotics (NASDAQ:SERV) Trading 3.2% Higher - Should You Buy?

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s share price was up 3.2% during trading on Thursday . The company traded as high as $12.40 and last traded at $12.18. Approximately 4,194,214 shares changed hands during trading, a decline of 60% from the average daily volume of 10,530,244 shares. The stock had previously closed at $11.80.

Analyst Upgrades and Downgrades

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

Serve Robotics Stock Up 2.4%

The firm has a market cap of $688.68 million, a P/E ratio of -11.40 and a beta of 0.13. The business has a fifty day simple moving average of $10.87 and a 200-day simple moving average of $10.97.

Insider Buying and Selling

In related news, Director David Michael Goldberg sold 10,700 shares of the company's stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $10.63, for a total value of $113,741.00. Following the transaction, the director owned 50,725 shares in the company, valued at $539,206.75. The trade was a 17.42% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Brian Read sold 2,000 shares of the stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $12.59, for a total transaction of $25,180.00. Following the sale, the chief financial officer directly owned 217,705 shares in the company, valued at $2,740,905.95. This trade represents a 0.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 66,751 shares of company stock worth $572,318. Insiders own 5.50% of the company's stock.

Institutional Investors Weigh In On Serve Robotics

Several institutional investors and hedge funds have recently made changes to their positions in the company. CIBC Private Wealth Group LLC purchased a new position in shares of Serve Robotics in the fourth quarter worth $34,000. Mirae Asset Global Investments Co. Ltd. bought a new position in Serve Robotics during the 1st quarter valued at about $49,000. KLP Kapitalforvaltning AS purchased a new stake in shares of Serve Robotics during the 1st quarter valued at about $49,000. Charles Schwab Investment Management Inc. grew its stake in shares of 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 acquiring an additional 1,545 shares during the period. Finally, Arkadios Wealth Advisors purchased a new position in shares of Serve Robotics during the first quarter valued at approximately $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.

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