Serve Robotics (NASDAQ:SERV) Trading Up 7.3% - What's Next?

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s share price shot up 7.3% during mid-day trading on Thursday . The company traded as high as $11.04 and last traded at $10.97. 2,357,794 shares traded hands during mid-day trading, a decline of 77% from the average session volume of 10,221,881 shares. The stock had previously closed at $10.23.

Analysts Set New Price Targets

Separately, Cantor Fitzgerald started coverage on Serve Robotics in a report on Thursday, May 22nd. They set an "overweight" rating for the company. Three research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Strong Buy" and a consensus price target of $18.67.

Serve Robotics Stock Performance

The stock's fifty day moving average is $9.44 and its two-hundred day moving average is $11.32. The firm has a market capitalization of $643.36 million, a price-to-earnings ratio of -10.65 and a beta of 1.67.

Insider Activity at Serve Robotics

In other Serve Robotics news, Director David Michael Goldberg sold 10,700 shares of the company's stock in a transaction that occurred on Monday, June 23rd. The stock was 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 sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Brian Read sold 29,100 shares of the business's 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 sale, the chief financial officer now owns 240,900 shares of the company's stock, valued at $1,700,754. This trade represents a 10.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 67,883 shares of company stock valued at $572,181 over the last ninety days. Corporate insiders own 5.50% of the company's stock.

Institutional Trading of Serve Robotics

Institutional investors and hedge funds have recently modified their holdings of the business. Blue Trust Inc. bought a new stake in shares of Serve Robotics during the 4th quarter valued at about $27,000. Oppenheimer & Co. Inc. acquired a new position in Serve Robotics in the fourth quarter valued at approximately $280,000. Charles Schwab Investment Management Inc. bought a new position in shares of Serve Robotics during the fourth quarter valued at approximately $151,000. Raymond James Financial Inc. acquired a new stake in shares of Serve Robotics during the 4th quarter worth approximately $1,978,000. Finally, Clare Market Investments LLC acquired a new stake in shares of Serve Robotics during the 4th quarter worth approximately $205,000.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.