Serve Robotics (NASDAQ:SERV) Trading Up 2.2% - Here's Why

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) shares were up 2.2% on Monday . The company traded as high as $10.67 and last traded at $10.65. Approximately 1,590,863 shares were traded during mid-day trading, a decline of 84% from the average daily 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 report on Thursday, May 22nd. They set an "overweight" rating on the stock. Three equities research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Strong Buy" and a consensus target price of $18.67.

Serve Robotics Stock Performance

The stock's fifty day moving average price is $9.15 and its 200-day moving average price is $11.34. The firm has a market cap of $588.06 million, a PE ratio of -9.73 and a beta of 1.66.

Insider Buying and Selling at Serve Robotics

In other news, CFO Brian Read sold 29,100 shares of the firm's stock in a transaction 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 $1,700,754. This trade represents a 10.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Over the last three months, insiders sold 57,183 shares of company stock valued at $458,440. Corporate insiders own 21.40% of the company's stock.

Institutional Investors Weigh In On Serve Robotics

Institutional investors and hedge funds have recently made changes to their positions in the business. Blue Trust Inc. purchased a new position in Serve Robotics during the 4th quarter valued at about $27,000. CIBC Private Wealth Group LLC purchased a new position in shares of Serve Robotics during the 4th quarter worth approximately $34,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Serve Robotics during the 1st quarter worth approximately $49,000. KLP Kapitalforvaltning AS acquired a new position in shares of Serve Robotics during the 1st quarter worth approximately $49,000. Finally, Wells Fargo & Company MN lifted its stake in Serve Robotics by 294.0% in the 4th quarter. Wells Fargo & Company MN now owns 10,855 shares of the company's stock valued at $147,000 after buying an additional 8,100 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.

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