Serve Robotics (NASDAQ:SERV) Shares Up 4.8% - Time to Buy?

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s share price traded up 4.8% during mid-day trading on Monday . The stock 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.

Wall Street Analyst Weigh In

Separately, Cantor Fitzgerald initiated coverage on shares of Serve Robotics in a 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 given a strong buy rating to the company's stock. According to MarketBeat.com, Serve Robotics has a consensus rating of "Strong Buy" and a consensus target price of $18.67.

Serve Robotics Stock Performance

The firm has a market cap of $621.41 million, a P/E ratio of -10.28 and a beta of 1.67. The firm's fifty day moving average is $9.05 and its 200 day moving average is $11.29.

Insider Buying and Selling

In other Serve Robotics news, CFO Brian Read sold 29,100 shares of the business's stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $7.06, for a total value of $205,446.00. Following the completion of the sale, the chief financial officer now owns 240,900 shares of the company's stock, valued at $1,700,754. The trade was a 10.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In the last 90 days, insiders sold 57,183 shares of company stock valued at $458,440. Company insiders own 5.50% of the company's stock.

Institutional Trading of Serve Robotics

A number of institutional investors have recently bought and sold shares of the business. Uber Technologies Inc bought a new stake in Serve Robotics in the 4th quarter valued at about $71,534,000. Vanguard Group Inc. boosted its holdings in Serve Robotics by 74.6% in the 4th quarter. Vanguard Group Inc. now owns 1,274,303 shares of the company's stock valued at $17,203,000 after purchasing an additional 544,537 shares during the period. Exchange Traded Concepts LLC boosted its holdings in Serve Robotics by 31.4% in the 1st quarter. Exchange Traded Concepts LLC now owns 882,522 shares of the company's stock valued at $5,075,000 after purchasing an additional 210,977 shares during the period. Capital Fund Management S.A. bought a new stake in Serve Robotics in the 1st quarter valued at about $4,244,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted 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 valued at $3,972,000 after purchasing an additional 584,302 shares during the period.

About Serve Robotics

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.