Serve Robotics (NASDAQ:SERV) Shares Up 1.9% – Here’s Why

Shares of Serve Robotics Inc. (NASDAQ:SERV) were up 1.9% during trading on Monday . The stock traded as high as $12.55 and last traded at $11.92. Approximately 2,757,195 shares changed hands during mid-day trading, a decline of 72% from the average daily volume of 9,920,386 shares. The stock had previously closed at $11.70.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Cantor Fitzgerald began coverage on shares of Serve Robotics in a research report on Thursday, May 22nd. They set an “overweight” rating for the company. Northland Securities set a $23.00 price target on shares of Serve Robotics in a report on Tuesday, February 18th. Three research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Strong Buy” and an average target price of $18.67.

Serve Robotics Trading Up 3.1%

The stock has a market capitalization of $678.67 million and a price-to-earnings ratio of -11.28. The company’s 50 day moving average is $7.57 and its 200 day moving average is $11.05.

Insider Activity at Serve Robotics

In other news, CFO Brian Read sold 29,100 shares of the company’s stock in a transaction dated 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 directly owns 240,900 shares of the company’s stock, valued at approximately $1,700,754. This represents a 10.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold a total of 58,164 shares of company stock valued at $455,198 in the last three months. 5.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Uber Technologies Inc acquired a new stake in shares of Serve Robotics in the fourth quarter valued at approximately $71,534,000. Raymond James Financial Inc. acquired a new position in Serve Robotics during the 4th quarter worth approximately $1,978,000. Man Group plc purchased a new position in Serve Robotics in the 4th quarter valued at about $467,000. Geode Capital Management LLC grew its holdings in Serve Robotics by 36.6% during the 4th quarter. Geode Capital Management LLC now owns 178,780 shares of the company’s stock worth $2,415,000 after acquiring an additional 47,927 shares in the last quarter. Finally, OMERS ADMINISTRATION Corp acquired a new stake in shares of Serve Robotics during the 4th quarter worth approximately $431,000.

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.