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Serve Robotics (NASDAQ:SERV) Shares Up 2.2% - Here's What Happened

Serve Robotics logo with Computer and Technology background

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s stock price shot up 2.2% on Monday . The company traded as high as $10.67 and last traded at $10.65. 1,590,863 shares traded hands during mid-day trading, a decline of 84% from the average session volume of 10,206,864 shares. The stock had previously closed at $10.42.

Analyst Upgrades and Downgrades

Separately, Cantor Fitzgerald assumed coverage on Serve Robotics in a research note on Thursday, May 22nd. They issued an "overweight" rating on the stock. Three 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, the company currently has a consensus rating of "Strong Buy" and an average target price of $18.67.

Get Our Latest Analysis on Serve Robotics

Serve Robotics Trading Up 9.9%

The stock has a market capitalization of $640.79 million, a P/E ratio of -10.60 and a beta of 1.67. The stock's 50 day simple moving average is $9.44 and its 200 day simple moving average is $11.32.

Insider Activity

In related news, Director David Michael Goldberg sold 10,700 shares of the stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $10.63, for a total transaction of $113,741.00. Following the sale, the director now owns 50,725 shares in the company, valued at $539,206.75. This represents a 17.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Brian Read sold 29,100 shares of Serve Robotics stock in a transaction that occurred on 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 transaction, the chief financial officer now owns 240,900 shares of the company's stock, valued at approximately $1,700,754. The trade was a 10.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 67,883 shares of company stock worth $572,181. 5.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Serve Robotics

Several large investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. bought a new position in shares of Serve Robotics during the fourth quarter worth about $27,000. CIBC Private Wealth Group LLC acquired a new stake in shares of Serve Robotics in the fourth quarter valued at approximately $34,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Serve Robotics during the first quarter valued at approximately $49,000. KLP Kapitalforvaltning AS acquired a new position in shares of Serve Robotics during the first quarter worth approximately $49,000. Finally, Wells Fargo & Company MN boosted its position in shares of Serve Robotics by 294.0% during the fourth quarter. Wells Fargo & Company MN now owns 10,855 shares of the company's stock worth $147,000 after buying an additional 8,100 shares during the period.

Serve Robotics Company Profile

(Get Free Report)

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.

See Also

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