Serve Robotics (NASDAQ:SERV) Trading 4% Higher - Here's Why

Key Points

• Serve Robotics Inc. shares rose 4% to $10.41, with a significant drop in trading volume down 84% from the daily average.
• Analysts have issued an "overweight" rating for Serve Robotics, with an average target price of $18.67.
• Insider selling was reported, including a director who sold 10,700 shares for around $113,741, reducing their ownership by 17.42%.

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) shares rose 4% on Monday . The company traded as high as $10.49 and last traded at $10.41. Approximately 1,153,425 shares were traded during trading, a decline of 84% from the average daily volume of 7,278,057 shares. The stock had previously closed at $10.01.

Wall Street Analysts Forecast Growth

Separately, Cantor Fitzgerald started coverage on shares of Serve Robotics in a research note 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 stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $18.67.

Serve Robotics Stock Performance

The stock has a market cap of $600.32 million, a price-to-earnings ratio of -9.93 and a beta of -0.11. The company's 50 day simple moving average is $11.24 and its 200 day simple moving average is $10.38.

Insider Buying and Selling at Serve Robotics

In other news, Director David Michael Goldberg sold 10,700 shares of Serve Robotics 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 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Brian Read sold 2,000 shares of the business's stock in a transaction dated Monday, June 9th. The shares were 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 of the company's stock, valued at approximately $2,740,905.95. This trade represents a 0.91% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 38,863 shares of company stock worth $379,550 in the last three months. Insiders own 21.40% of the company's stock.

Institutional Investors Weigh In On Serve Robotics

Institutional investors and hedge funds have recently bought and sold shares of the stock. Uber Technologies Inc bought a new position in Serve Robotics during the 4th quarter worth approximately $71,534,000. Vanguard Group Inc. grew its position in 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 acquiring an additional 544,537 shares during the last quarter. Exchange Traded Concepts LLC grew its position 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 worth $11,397,000 after buying an additional 113,761 shares during the last quarter. Capital Fund Management S.A. bought a new stake in shares of Serve Robotics in the 1st quarter worth approximately $4,244,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position 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 worth $3,972,000 after buying an additional 584,302 shares during the last quarter.

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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