Serve Robotics (NASDAQ:SERV) Shares Gap Up – Should You Buy?

Serve Robotics Inc. (NASDAQ:SERV) gapped up before the market opened on Tuesday . The stock had previously closed at $14.98, but opened at $15.45. Serve Robotics shares last traded at $15.26, with a volume of 1,819,200 shares trading hands.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Northland Securities started coverage on shares of Serve Robotics in a research note on Friday, October 18th. They issued an “outperform” rating and a $16.00 price objective on the stock. Seaport Res Ptn raised Serve Robotics to a “strong-buy” rating in a research report on Monday, October 7th. LADENBURG THALM/SH SH began coverage on Serve Robotics in a report on Monday, October 28th. They issued a “buy” rating and a $16.00 price objective for the company. Finally, Northland Capmk upgraded Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. Two 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 presently has a consensus rating of “Strong Buy” and an average target price of $16.00.

Serve Robotics Price Performance

The business has a 50-day moving average price of $9.98 and a 200-day moving average price of $8.18.

Insider Transactions at Serve Robotics

In other Serve Robotics news, Director James Buckly Jordan sold 64,408 shares of Serve Robotics stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $8.57, for a total value of $551,976.56. Following the transaction, the director now directly owns 449,052 shares in the company, valued at approximately $3,848,375.64. This trade represents a 12.54 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Ali Kashani sold 22,500 shares of the stock in a transaction on Monday, December 16th. The shares were sold at an average price of $14.93, for a total value of $335,925.00. Following the sale, the chief executive officer now owns 3,306,998 shares in the company, valued at approximately $49,373,480.14. This trade represents a 0.68 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 190,961 shares of company stock worth $2,118,183. 21.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Serve Robotics

Several institutional investors and hedge funds have recently added to or reduced their stakes in SERV. Yong Rong HK Asset Management Ltd bought a new stake in shares of Serve Robotics in the third quarter worth $9,636,000. Thomist Capital Management LP acquired a new stake in shares of Serve Robotics in the second quarter worth $407,000. PFG Investments LLC purchased a new position in Serve Robotics during the 2nd quarter valued at about $110,000. Bfsg LLC acquired a new stake in shares of Serve Robotics during the 3rd quarter valued at $38,000. Finally, GSA Capital Partners LLP acquired a new position in Serve Robotics during the third quarter worth $152,000.

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.