Serve Robotics (NASDAQ:SERV) Shares Gap Up – Time to Buy?

Serve Robotics Inc. (NASDAQ:SERV) gapped up before the market opened on Tuesday . The stock had previously closed at $14.78, but opened at $16.28. Serve Robotics shares last traded at $16.29, with a volume of 2,653,033 shares changing hands.

Analyst Upgrades and Downgrades

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

Serve Robotics Stock Up 17.1 %

The business has a fifty day moving average of $12.27 and a 200-day moving average of $9.97.

Insiders Place Their Bets

In other Serve Robotics news, CEO Ali Kashani sold 9,719 shares of the company’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $8.77, for a total transaction of $85,235.63. Following the completion of the sale, the chief executive officer now owns 3,355,238 shares in the company, valued at $29,425,437.26. This represents a 0.29 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Touraj Parang sold 50,000 shares of Serve Robotics stock in a transaction on 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 transaction, 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 disclosure for this sale can be found here. In the last ninety days, insiders sold 253,027 shares of company stock worth $3,309,166. 21.40% of the stock is currently owned by company insiders.

Institutional Trading of Serve Robotics

Hedge funds have recently modified their holdings of the company. Larson Financial Group LLC purchased a new position in shares of Serve Robotics in the 3rd quarter worth approximately $26,000. Bfsg LLC purchased a new stake in shares of Serve Robotics during the 3rd quarter valued at $38,000. Gordian Capital Singapore Pte Ltd acquired a new stake in shares of Serve Robotics in the 3rd quarter worth $68,000. Quantum Private Wealth LLC purchased a new position in Serve Robotics during the 3rd quarter worth $80,000. Finally, Quadrature Capital Ltd purchased a new position in Serve Robotics during the 3rd quarter worth $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.