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

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 traded.

Analyst Ratings Changes

Several equities analysts have issued reports on SERV shares. Seaport Res Ptn upgraded Serve Robotics to a “strong-buy” rating in a research note on Monday, October 7th. Northland Securities lifted their price objective on shares of Serve Robotics from $16.00 to $23.00 and gave the stock an “outperform” rating in a research report on Wednesday. LADENBURG THALM/SH SH started coverage on shares of Serve Robotics in a research report on Monday, October 28th. They set a “buy” rating and a $16.00 target price for the company. Finally, Northland Capmk raised Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. Two equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Strong Buy” and a consensus price target of $19.50.

Serve Robotics Trading Up 12.7 %

The stock has a 50 day moving average price of $12.40 and a two-hundred day moving average price of $10.07.

Insiders Place Their Bets

In other news, CEO Ali Kashani sold 37,500 shares of the business’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $21.16, for a total transaction of $793,500.00. Following the sale, the chief executive officer now directly owns 3,230,990 shares of the company’s stock, valued at $68,367,748.40. The trade was a 1.15 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Touraj Parang sold 50,000 shares of the firm’s stock in a transaction on Monday, December 9th. The stock was 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 of the company’s stock, valued at $15,113,072.61. This trade represents a 4.12 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 253,027 shares of company stock valued at $3,309,166. Insiders own 21.40% of the company’s stock.

Institutional Investors Weigh In On Serve Robotics

A number of large investors have recently bought and sold shares of the company. Larson Financial Group LLC purchased a new position in Serve Robotics during the 3rd quarter worth approximately $26,000. Bfsg LLC acquired a new position in Serve Robotics during the third quarter valued at $38,000. Gordian Capital Singapore Pte Ltd purchased a new stake in Serve Robotics in the third quarter valued at $68,000. Quantum Private Wealth LLC acquired a new stake in Serve Robotics during the 3rd quarter worth about $80,000. Finally, Quadrature Capital Ltd acquired a new position in shares of Serve Robotics in the 3rd quarter valued at 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.