Serve Robotics (NASDAQ:SERV) Stock Price Up 7.7% – Here’s What Happened

Serve Robotics Inc. (NASDAQ:SERV)’s share price traded up 7.7% during trading on Monday . The stock traded as high as $10.75 and last traded at $10.82. 2,450,410 shares traded hands during mid-day trading, a decline of 67% from the average session volume of 7,461,605 shares. The stock had previously closed at $10.04.

Wall Street Analyst Weigh In

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

Serve Robotics Stock Performance

The firm has a market cap of $610.75 million, a PE ratio of -10.12 and a beta of 0.13. The firm’s 50-day moving average price is $10.58 and its two-hundred day moving average price is $11.00.

Insider Buying and Selling

In related news, Director David Michael Goldberg sold 10,700 shares of the company’s stock in a transaction 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 transaction, the director owned 50,725 shares of the company’s stock, valued at $539,206.75. This represents a 17.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Brian Read sold 29,100 shares of the firm’s stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $7.06, for a total transaction of $205,446.00. Following the transaction, the chief financial officer directly owned 240,900 shares of the company’s stock, valued at approximately $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. In the last three months, insiders sold 66,751 shares of company stock worth $572,318. Corporate insiders own 21.40% of the company’s stock.

Hedge Funds Weigh In On Serve Robotics

A number of hedge funds have recently bought and sold shares of SERV. Uber Technologies Inc bought a new stake in shares of Serve Robotics during the fourth quarter valued at about $71,534,000. Vanguard Group Inc. increased its position in Serve Robotics by 74.6% during the fourth quarter. Vanguard Group Inc. now owns 1,274,303 shares of the company’s stock worth $17,203,000 after buying an additional 544,537 shares during the last quarter. Exchange Traded Concepts LLC raised its position in shares of Serve Robotics by 12.9% in the second quarter. Exchange Traded Concepts LLC now owns 996,283 shares of the company’s stock valued at $11,397,000 after purchasing an additional 113,761 shares during the period. Capital Fund Management S.A. bought a new position in shares of Serve Robotics in the first quarter valued at approximately $4,244,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Serve Robotics by 616.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 679,014 shares of the company’s stock valued at $3,972,000 after purchasing an additional 584,302 shares during the period.

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.