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

Shares of Serve Robotics Inc. (NASDAQ:SERV) gapped up before the market opened on Thursday . The stock had previously closed at $13.50, but opened at $14.15. Serve Robotics shares last traded at $14.99, with a volume of 2,933,931 shares traded.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on SERV shares. LADENBURG THALM/SH SH started coverage on shares of Serve Robotics in a research report on Monday, October 28th. They issued a “buy” rating and a $16.00 price target for the company. Northland Securities started coverage on shares of Serve Robotics in a report on Friday, October 18th. They issued an “outperform” rating and a $16.00 target price on the stock. Seaport Res Ptn raised Serve Robotics to a “strong-buy” rating in a research report on Monday, October 7th. Finally, Northland Capmk upgraded Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. Two investment analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Strong Buy” and an average target price of $16.00.

Serve Robotics Trading Up 9.3 %

The business has a 50-day moving average price of $11.01 and a two-hundred day moving average price of $8.99.

Insider Activity

In other news, COO Touraj Parang sold 50,000 shares of the stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $12.99, for a total value of $649,500.00. Following the completion of the sale, the chief operating officer now owns 1,163,439 shares in the company, valued at $15,113,072.61. This represents a 4.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Ali Kashani sold 9,719 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $8.77, for a total transaction of $85,235.63. Following the transaction, the chief executive officer now directly owns 3,355,238 shares in the company, valued at $29,425,437.26. The trade was a 0.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 207,422 shares of company stock worth $2,374,854 over the last three months. 21.40% of the stock is currently owned by insiders.

Institutional Trading of Serve Robotics

Several hedge funds have recently made changes to their positions in the company. Larson Financial Group LLC bought a new position in shares of Serve Robotics in the third quarter valued at approximately $26,000. Bfsg LLC bought a new position in shares of Serve Robotics in the 3rd quarter worth $38,000. Gordian Capital Singapore Pte Ltd purchased a new stake in shares of Serve Robotics during the 3rd quarter valued at $68,000. Quantum Private Wealth LLC purchased a new stake in Serve Robotics during the third quarter valued at about $80,000. Finally, Quadrature Capital Ltd purchased a new position in shares of Serve Robotics in the 3rd quarter worth about $148,000.

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.