Serve Robotics (NASDAQ:SERV) Shares Up 6.5% - Here's What Happened

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s share price was up 6.5% during mid-day trading on Wednesday . The stock traded as high as $11.48 and last traded at $11.34. Approximately 3,821,295 shares traded hands during trading, a decline of 49% from the average daily volume of 7,438,053 shares. The stock had previously closed at $10.64.

Analysts Set New Price Targets

Separately, Cantor Fitzgerald started coverage on shares of Serve Robotics in a research report on Thursday, May 22nd. They set an "overweight" rating on the stock. Three investment 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.com, Serve Robotics presently has an average rating of "Strong Buy" and an average price target of $18.67.

Serve Robotics Price Performance

The firm's 50-day moving average is $11.06 and its two-hundred day moving average is $10.92. The company has a market cap of $667.02 million, a P/E ratio of -11.04 and a beta of 0.13.

Insider Buying and Selling at Serve Robotics

In other news, Director David Michael Goldberg sold 10,700 shares of the business's stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $10.63, for a total transaction of $113,741.00. Following the completion of the sale, the director directly owned 50,725 shares of the company's stock, valued at approximately $539,206.75. The trade was a 17.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Brian Read sold 29,100 shares of the business's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $7.06, for a total transaction of $205,446.00. Following the sale, the chief financial officer directly owned 240,900 shares of the company's stock, valued at $1,700,754. This represents a 10.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 66,751 shares of company stock valued at $572,318 over the last ninety days. 5.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Serve Robotics

Large investors have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. increased its holdings in shares of Serve Robotics by 13.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 12,728 shares of the company's stock valued at $73,000 after acquiring an additional 1,545 shares in the last quarter. CIBC Private Wealth Group LLC purchased a new stake in Serve Robotics in the fourth quarter valued at approximately $34,000. Jefferies Financial Group Inc. boosted 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 valued at $232,000 after buying an additional 4,000 shares during the last quarter. PFG Investments LLC boosted its position in Serve Robotics by 12.3% in the first quarter. PFG Investments LLC now owns 36,498 shares of the company's stock valued at $210,000 after buying an additional 4,000 shares during the last quarter. Finally, DnB Asset Management AS boosted its position in Serve Robotics by 52.3% in the fourth quarter. DnB Asset Management AS now owns 21,356 shares of the company's stock valued at $288,000 after buying an additional 7,336 shares during 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.