Serve Robotics (NASDAQ:SERV) Trading 1.5% Higher - Here's What Happened

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s stock price shot up 1.5% during trading on Tuesday . The company traded as high as $7.15 and last traded at $6.78. 1,968,114 shares were traded during trading, a decline of 83% from the average session volume of 11,343,354 shares. The stock had previously closed at $6.68.

Wall Street Analysts Forecast Growth

Separately, Northland Securities set a $23.00 price target on shares of Serve Robotics in a research report on Tuesday, February 18th. Two investment 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.com, the stock has a consensus rating of "Strong Buy" and a consensus price target of $19.50.

Serve Robotics Price Performance

The firm has a market capitalization of $333.56 million and a P/E ratio of -6.28. The business's 50-day moving average is $14.87 and its 200 day moving average is $11.60.

Insider Buying and Selling

In other Serve Robotics news, CEO Ali Kashani sold 3,713 shares of the firm's stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $9.21, for a total value of $34,196.73. Following the transaction, the chief executive officer now directly owns 3,225,852 shares of the company's stock, valued at $29,710,096.92. This trade represents a 0.11 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last three months, insiders have sold 93,031 shares of company stock valued at $1,613,030. 21.40% of the stock is owned by company insiders.

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Hedge Funds Weigh In On Serve Robotics

Several hedge funds have recently bought and sold shares of SERV. Uber Technologies Inc bought a new position in Serve Robotics in the 4th quarter valued at about $71,534,000. Exchange Traded Concepts LLC bought a new position in Serve Robotics in the 4th quarter valued at about $9,066,000. Vanguard Group Inc. increased its holdings in Serve Robotics by 74.6% in the 4th quarter. Vanguard Group Inc. now owns 1,274,303 shares of the company's stock valued at $17,203,000 after buying an additional 544,537 shares during the period. Legal & General Group Plc bought a new position in Serve Robotics in the 4th quarter valued at about $6,629,000. Finally, Captrust Financial Advisors bought a new position in Serve Robotics in the 4th quarter valued at about $3,672,000.

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.