Serve Robotics (NASDAQ:SERV) Trading Up 14.5% - What's Next?

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.

Wall Street Analysts Forecast Growth

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

Serve Robotics Stock Up 13.0%

The company has a market cap of $738.24 million, a P/E ratio of -12.22 and a beta of 1.67. The business has a fifty day moving average price of $7.95 and a 200-day moving average price of $11.11.

Insider Activity at Serve Robotics

In related news, CFO Brian Read sold 7,000 shares of the business's stock in a transaction that occurred on Friday, May 9th. The stock was sold at an average price of $8.03, for a total value of $56,210.00. Following the completion of the sale, the chief financial officer now directly owns 233,900 shares in the company, valued at approximately $1,878,217. The trade was a 2.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Over the last ninety days, insiders sold 58,164 shares of company stock worth $455,198. Company insiders own 5.50% of the company's stock.

Institutional Investors Weigh In On Serve Robotics

Several institutional investors and hedge funds have recently added to or reduced their stakes in SERV. SG Americas Securities LLC bought a new stake in Serve Robotics during the fourth quarter worth $114,000. Blue Trust Inc. bought a new stake in Serve Robotics during the fourth quarter worth $27,000. Choreo LLC bought a new stake in Serve Robotics during the fourth quarter worth $202,000. Stephens Inc. AR bought a new stake in Serve Robotics during the fourth quarter worth $142,000. Finally, Bogart Wealth LLC bought a new stake in Serve Robotics during the fourth quarter worth $37,000.

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.