Serve Robotics (NASDAQ:SERV) Shares Up 3.2% - Here's What Happened

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

Analyst Upgrades and Downgrades

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 equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, Serve Robotics presently has an average rating of "Strong Buy" and an average target price of $18.67.

Serve Robotics Stock Down 5.2%

The stock has a market cap of $632.21 million, a PE ratio of -10.46 and a beta of 0.13. The business has a 50 day moving average price of $11.06 and a 200 day moving average price of $10.89.

Insider Activity at Serve Robotics

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

Institutional Trading of Serve Robotics

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Uber Technologies Inc acquired a new stake in Serve Robotics during the fourth quarter worth about $71,534,000. Capital Fund Management S.A. bought a new position in shares of Serve Robotics during the 1st quarter valued at $4,244,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in 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 worth $3,972,000 after acquiring an additional 584,302 shares during the period. Vanguard Group Inc. increased its holdings in shares of Serve Robotics by 74.6% during the 4th quarter. Vanguard Group Inc. now owns 1,274,303 shares of the company's stock worth $17,203,000 after purchasing an additional 544,537 shares during the period. Finally, Legal & General Group Plc acquired a new stake in shares of Serve Robotics during the 4th quarter valued at about $6,629,000.

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.