Serve Robotics (NASDAQ:SERV) Shares Gap Up – What’s Next?

Serve Robotics Inc. (NASDAQ:SERV)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $11.80, but opened at $12.80. Serve Robotics shares last traded at $13.67, with a volume of 6,220,180 shares trading hands.

Wall Street Analyst Weigh In

SERV has been the topic of several analyst reports. Seaport Res Ptn upgraded Serve Robotics to a “strong-buy” rating in a report on Monday, October 7th. Northland Securities initiated coverage on shares of Serve Robotics in a research note 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 research 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 investment 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 an average rating of “Strong Buy” and a consensus price target of $16.00.

Serve Robotics Stock Performance

The business’s 50-day simple moving average is $9.22 and its two-hundred day simple moving average is $7.61.

Insider Buying and Selling

In other news, CEO Ali Kashani sold 9,719 shares of the 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 sale, the chief executive officer now owns 3,355,238 shares of the company’s stock, valued at approximately $29,425,437.26. This represents a 0.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James Buckly Jordan sold 64,408 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $8.57, for a total transaction of $551,976.56. Following the completion of the transaction, the director now directly owns 449,052 shares of the company’s stock, valued at approximately $3,848,375.64. The trade was a 12.54 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 80,337 shares of company stock valued at $690,974. Company insiders own 21.40% of the company’s stock.

Institutional Investors Weigh In On Serve Robotics

Large investors have recently added to or reduced their stakes in the business. Larson Financial Group LLC acquired a new position in shares of Serve Robotics in the third quarter worth $26,000. Bfsg LLC acquired a new position in Serve Robotics during the 3rd quarter worth $38,000. Gordian Capital Singapore Pte Ltd purchased a new stake in Serve Robotics during the 3rd quarter worth about $68,000. Quantum Private Wealth LLC acquired a new stake in Serve Robotics in the 3rd quarter valued at about $80,000. Finally, PFG Investments LLC purchased a new position in shares of Serve Robotics in the 2nd quarter valued at about $110,000.

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.