Serve Robotics (NASDAQ:SERV) Shares Up 14.5% - Here's Why

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) was up 14.5% on Friday . The company traded as high as $13.58 and last traded at $13.12. Approximately 5,393,935 shares changed hands during trading, a decline of 46% from the average daily volume of 9,980,103 shares. The stock had previously closed at $11.46.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on SERV shares. Cantor Fitzgerald started coverage on Serve Robotics in a research note on Thursday, May 22nd. They set an "overweight" rating for the company. Northland Securities set a $23.00 price objective on Serve Robotics in a research note on Tuesday, February 18th. Three investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. According to MarketBeat, Serve Robotics presently has an average rating of "Strong Buy" and an average target price of $18.67.

Serve Robotics Trading Down 2.9%

The company has a market cap of $716.58 million, a price-to-earnings ratio of -11.86 and a beta of 1.67. The firm has a 50-day moving average price of $7.95 and a 200 day moving average price of $11.15.

Insider Transactions at Serve Robotics

In other news, CFO Brian Read sold 29,100 shares of Serve Robotics stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $7.06, for a total value of $205,446.00. Following the completion of the transaction, the chief financial officer now owns 240,900 shares in the company, valued at approximately $1,700,754. This trade represents a 10.78% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last quarter, insiders sold 60,164 shares of company stock worth $480,378. 5.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in SERV. Uber Technologies Inc acquired a new position in shares of Serve Robotics in the 4th quarter worth approximately $71,534,000. Capital Fund Management S.A. bought a new stake in shares of Serve Robotics in the 1st quarter worth approximately $4,244,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings 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 purchasing an additional 584,302 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Serve Robotics by 74.6% in 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 last quarter. Finally, Legal & General Group Plc bought a new stake in shares of Serve Robotics in the 4th quarter worth approximately $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.