Serve Robotics (NASDAQ:SERV) Trading 7.3% Higher - 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 changed hands during 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 began coverage on shares of Serve Robotics in a research report on Thursday, May 22nd. They set an "overweight" rating on the stock. Three 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 company currently has a consensus rating of "Strong Buy" and an average target price of $18.67.

Serve Robotics Trading Up 1.8%

The stock's 50-day simple moving average is $9.68 and its 200-day simple moving average is $11.29.

Insider Buying and Selling at Serve Robotics

In other news, CFO Brian Read sold 7,000 shares of the business's stock in a transaction on Friday, May 9th. The shares were sold at an average price of $8.03, for a total transaction of $56,210.00. Following the sale, the chief financial officer now owns 233,900 shares in the company, valued at approximately $1,878,217. The trade was a 2.91% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, 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 sale, the director now owns 50,725 shares in the company, valued at approximately $539,206.75. This trade represents a 17.42% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 67,883 shares of company stock valued at $572,181. 21.40% of the stock is currently owned by company insiders.

Institutional Trading of Serve Robotics

A number of hedge funds have recently modified their holdings of SERV. Uber Technologies Inc bought a new stake in shares of Serve Robotics during the 4th quarter valued at $71,534,000. Capital Fund Management S.A. bought a new position in Serve Robotics in the 1st quarter worth about $4,244,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Serve Robotics by 616.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 679,014 shares of the company's stock worth $3,972,000 after purchasing an additional 584,302 shares in the last quarter. Vanguard Group Inc. boosted its stake in Serve Robotics by 74.6% in the 4th quarter. Vanguard Group Inc. now owns 1,274,303 shares of the company's stock worth $17,203,000 after purchasing an additional 544,537 shares in the last quarter. Finally, Legal & General Group Plc bought a new position in Serve Robotics in the 4th quarter worth about $6,629,000.

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.