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

Serve Robotics Inc. (NASDAQ:SERV)’s share price gapped up prior to trading on Monday . The stock had previously closed at $14.61, but opened at $15.12. Serve Robotics shares last traded at $13.22, with a volume of 3,993,708 shares traded.

Analysts Set New Price Targets

SERV has been the topic of several recent analyst reports. Northland Securities began coverage on Serve Robotics in a research report on Friday, October 18th. They set an “outperform” rating and a $16.00 target price on the stock. LADENBURG THALM/SH SH initiated 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. Seaport Res Ptn upgraded shares of Serve Robotics to a “strong-buy” rating in a research report on Monday, October 7th. Finally, Northland Capmk raised Serve Robotics to a “strong-buy” rating in a 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’s stock. According to MarketBeat, the company currently has a consensus rating of “Strong Buy” and an average price target of $16.00.

Serve Robotics Stock Down 6.9 %

The business has a fifty day simple moving average of $10.18 and a two-hundred day simple moving average of $8.38.

Insider Buying and Selling at Serve Robotics

In other Serve Robotics news, CEO Ali Kashani sold 22,500 shares of the firm’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $14.93, for a total transaction of $335,925.00. Following the completion of the sale, the chief executive officer now owns 3,306,998 shares of the company’s stock, valued at $49,373,480.14. This trade represents a 0.68 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director James Buckly Jordan sold 64,408 shares of the company’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $8.57, for a total value of $551,976.56. Following the completion of 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 disclosure for this sale can be found here. In the last quarter, insiders sold 192,422 shares of company stock worth $2,141,604. Insiders own 21.40% of the company’s stock.

Institutional Trading of Serve Robotics

A number of hedge funds and other institutional investors have recently modified their holdings of SERV. PFG Investments LLC purchased a new position in Serve Robotics during the second quarter worth about $110,000. Thomist Capital Management LP purchased a new position in shares of Serve Robotics during the 2nd quarter worth approximately $407,000. Bfsg LLC acquired a new stake in Serve Robotics in the 3rd quarter valued at approximately $38,000. Harbour Capital Advisors LLC purchased a new stake in Serve Robotics in the third quarter valued at approximately $198,000. Finally, Yong Rong HK Asset Management Ltd acquired a new position in Serve Robotics during the third quarter worth $9,636,000.

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.