Serve Robotics (NASDAQ:SERV) Trading 8.9% Higher - Here's Why

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) shares rose 8.9% during mid-day trading on Tuesday . The stock traded as high as $12.35 and last traded at $12.35. Approximately 4,923,535 shares were traded during mid-day trading, a decline of 50% from the average daily volume of 9,822,864 shares. The stock had previously closed at $11.34.

Analysts Set New Price Targets

A number of research firms recently issued reports on SERV. Northland Securities set a $23.00 target price on shares of Serve Robotics in a report on Tuesday, February 18th. Cantor Fitzgerald initiated coverage on shares of Serve Robotics in a report on Thursday, May 22nd. They issued an "overweight" rating on the stock. Three investment analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Serve Robotics presently has an average rating of "Strong Buy" and a consensus target price of $18.67.

Serve Robotics Stock Down 5.7%

The stock has a market capitalization of $656.15 million and a P/E ratio of -10.86. The company has a 50 day moving average of $7.38 and a 200-day moving average of $11.00.

Insiders Place Their Bets

In other news, CFO Brian Read sold 3,000 shares of the stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $12.15, for a total value of $36,450.00. Following the completion of the transaction, the chief financial officer now directly owns 221,000 shares in the company, valued at $2,685,150. This trade represents a 1.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In the last 90 days, insiders sold 56,869 shares of company stock worth $440,227. Insiders own 21.40% of the company's stock.

Institutional Investors Weigh In On Serve Robotics

A number of institutional investors have recently added to or reduced their stakes in SERV. Charles Schwab Investment Management Inc. increased its position in shares of Serve Robotics by 13.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 12,728 shares of the company's stock valued at $73,000 after purchasing an additional 1,545 shares during the period. Blue Trust Inc. bought a new position in Serve Robotics during the fourth quarter valued at about $27,000. CIBC Private Wealth Group LLC acquired a new position in Serve Robotics during the fourth quarter worth about $34,000. Bogart Wealth LLC acquired a new position in Serve Robotics during the fourth quarter worth about $37,000. Finally, Jefferies Financial Group Inc. raised its position in Serve Robotics by 30.3% in the fourth quarter. Jefferies Financial Group Inc. now owns 17,200 shares of the company's stock worth $232,000 after acquiring an additional 4,000 shares in 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.