Serve Robotics (NASDAQ:SERV) Stock Price Up 6.5% - Still a Buy?

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

Analyst Upgrades and Downgrades

Separately, Cantor Fitzgerald began 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 company's stock. According to MarketBeat, Serve Robotics has an average rating of "Strong Buy" and a consensus price target of $18.67.

Serve Robotics Trading Up 2.4%

The firm's 50-day simple moving average is $10.87 and its two-hundred day simple moving average is $10.97. The stock has a market capitalization of $688.68 million, a PE ratio of -11.40 and a beta of 0.13.

Insider Activity

In other news, CFO Brian Read sold 2,000 shares of the company's stock in a transaction on Monday, June 9th. The shares were sold at an average price of $12.59, for a total value of $25,180.00. Following the transaction, the chief financial officer directly owned 217,705 shares of the company's stock, valued at approximately $2,740,905.95. This represents a 0.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director David Michael Goldberg sold 10,700 shares of Serve Robotics stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $10.63, for a total value of $113,741.00. Following 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 position. The disclosure for this sale can be found here. Over the last three months, insiders sold 66,751 shares of company stock valued at $572,318. Company insiders own 5.50% of the company's stock.

Institutional Investors Weigh In On Serve Robotics

Large investors have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. lifted its stake in Serve Robotics by 13.8% in 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 during the last quarter. CIBC Private Wealth Group LLC bought a new position in shares of Serve Robotics during the 4th quarter valued at $34,000. Jefferies Financial Group Inc. raised its holdings in shares of Serve Robotics by 30.3% during the 4th quarter. Jefferies Financial Group Inc. now owns 17,200 shares of the company's stock valued at $232,000 after purchasing an additional 4,000 shares in the last quarter. PFG Investments LLC lifted its stake in shares of Serve Robotics by 12.3% in the 1st quarter. PFG Investments LLC now owns 36,498 shares of the company's stock valued at $210,000 after purchasing an additional 4,000 shares during the last quarter. Finally, DnB Asset Management AS boosted its holdings in Serve Robotics by 52.3% in the fourth quarter. DnB Asset Management AS now owns 21,356 shares of the company's stock worth $288,000 after purchasing an additional 7,336 shares in the last quarter.

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.