Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) shares shot up 4.8% during trading on Monday . The company traded as high as $11.46 and last traded at $11.44. 1,477,415 shares traded hands during trading, a decline of 85% from the average session volume of 10,158,399 shares. The stock had previously closed at $10.91.
Analysts Set New Price Targets
A number of research firms have recently commented on SERV. Northland Securities set a $23.00 price target on shares of Serve Robotics in a research report on Tuesday, February 18th. Cantor Fitzgerald began coverage on shares of Serve Robotics in a research report on Thursday, May 22nd. They set an "overweight" rating for the company. Three investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Strong Buy" and a consensus target price of $18.67.
Read Our Latest Stock Analysis on SERV
Serve Robotics Trading Up 5.3%
The company has a market capitalization of $655.01 million, a P/E ratio of -10.84 and a beta of 1.67. The business's fifty day moving average price is $8.74 and its 200-day moving average price is $11.29.
Insider Transactions at Serve Robotics
In other news, CFO Brian Read sold 29,100 shares of Serve Robotics stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $7.06, for a total transaction of $205,446.00. Following the completion of the sale, the chief financial officer now directly owns 240,900 shares of the company's stock, valued at approximately $1,700,754. The trade was a 10.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In the last ninety days, insiders sold 60,164 shares of company stock valued at $480,378. Insiders own 5.50% of the company's stock.
Institutional Trading of Serve Robotics
Hedge funds have recently made changes to their positions in the stock. Uber Technologies Inc bought a new stake in Serve Robotics in the fourth quarter worth $71,534,000. Raymond James Financial Inc. bought a new stake in Serve Robotics in the fourth quarter worth $1,978,000. Man Group plc bought a new stake in Serve Robotics in the fourth quarter worth $467,000. Geode Capital Management LLC lifted its stake in Serve Robotics by 36.6% in the fourth quarter. Geode Capital Management LLC now owns 178,780 shares of the company's stock worth $2,415,000 after purchasing an additional 47,927 shares during the last quarter. Finally, OMERS ADMINISTRATION Corp bought a new stake in Serve Robotics in the fourth quarter worth $431,000.
Serve Robotics Company Profile
(
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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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