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

Serve Robotics Inc. (NASDAQ:SERV)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $9.60, but opened at $10.12. Serve Robotics shares last traded at $11.93, with a volume of 4,463,244 shares trading hands.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Northland Securities set a $23.00 price target on shares of Serve Robotics in a report on Tuesday, February 18th. Cantor Fitzgerald started coverage on shares of Serve Robotics in a research report on Thursday. They issued an “overweight” rating on the stock. Three analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, Serve Robotics currently has a consensus rating of “Strong Buy” and an average target price of $18.67.

Serve Robotics Stock Down 2.5%

The company has a 50-day moving average of $6.90 and a 200 day moving average of $10.90. The stock has a market capitalization of $646.46 million and a PE ratio of -10.70.

Insiders Place Their Bets

In other news, CEO Ali Kashani sold 3,713 shares of the 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 completion of the sale, the chief executive officer now directly owns 3,225,852 shares in the company, valued at $29,710,096.92. This represents a 0.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Brian Read sold 29,100 shares of the firm’s stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $7.06, for a total transaction of $205,446.00. Following the completion of the transaction, the chief financial officer now directly owns 240,900 shares in the company, valued at approximately $1,700,754. This represents a 10.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 59,834 shares of company stock valued at $458,699 in the last 90 days. 5.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of SERV. Uber Technologies Inc acquired a new stake in shares of Serve Robotics in the fourth quarter valued at approximately $71,534,000. Raymond James Financial Inc. acquired a new position in Serve Robotics in the fourth quarter valued at approximately $1,978,000. Exchange Traded Concepts LLC purchased a new position in Serve Robotics in the fourth quarter worth approximately $9,066,000. Geode Capital Management LLC increased its stake in Serve Robotics by 36.6% during the fourth quarter. Geode Capital Management LLC now owns 178,780 shares of the company’s stock worth $2,415,000 after acquiring an additional 47,927 shares during the last quarter. Finally, OMERS ADMINISTRATION Corp purchased a new stake in Serve Robotics in the fourth quarter valued at $431,000.

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.