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

Serve Robotics Inc. (NASDAQ:SERV) gapped up prior to trading on Tuesday . The stock had previously closed at $14.98, but opened at $15.45. Serve Robotics shares last traded at $15.26, with a volume of 1,819,200 shares trading hands.

Analyst Upgrades and Downgrades

SERV has been the subject of several research reports. LADENBURG THALM/SH SH began coverage on Serve Robotics in a report on Monday, October 28th. They set a “buy” rating and a $16.00 price objective for the company. Northland Securities assumed coverage on shares of Serve Robotics in a research report on Friday, October 18th. They issued an “outperform” rating and a $16.00 price objective on the stock. Seaport Res Ptn upgraded shares of Serve Robotics to a “strong-buy” rating in a report on Monday, October 7th. Finally, Northland Capmk upgraded shares of 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 issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Strong Buy” and an average target price of $16.00.

Serve Robotics Price Performance

The stock has a fifty day moving average price of $9.76 and a two-hundred day moving average price of $8.04.

Insider Transactions at Serve Robotics

In related news, CEO Ali Kashani sold 9,719 shares of the stock in a transaction dated Monday, November 25th. The stock was 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 approximately $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 SEC, which can be accessed through this hyperlink. Also, COO Touraj Parang sold 50,000 shares of Serve Robotics 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 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. Insiders sold a total of 165,961 shares of company stock worth $1,751,058 over the last ninety days. 21.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Serve Robotics

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