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

Serve Robotics Inc. (NASDAQ:SERV) gapped up before the market opened on Monday . The stock had previously closed at $14.61, but opened at $15.12. Serve Robotics shares last traded at $13.22, with a volume of 3,993,708 shares trading hands.

Analyst Ratings Changes

A number of research firms have recently weighed in on SERV. LADENBURG THALM/SH SH initiated coverage on Serve Robotics in a research note on Monday, October 28th. They issued a “buy” rating and a $16.00 target price for the company. Seaport Res Ptn raised Serve Robotics to a “strong-buy” rating in a research note on Monday, October 7th. Northland Securities began coverage on shares of Serve Robotics in a research note on Friday, October 18th. They issued an “outperform” rating and a $16.00 target price on the stock. Finally, Northland Capmk upgraded shares of Serve Robotics to a “strong-buy” rating in a 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. Based on data from MarketBeat, the stock presently has an average rating of “Strong Buy” and a consensus price target of $16.00.

Serve Robotics Trading Down 4.0 %

The business has a 50-day simple moving average of $10.41 and a 200 day simple moving average of $8.54.

Insider Buying and Selling at Serve Robotics

In other news, Director James Buckly Jordan sold 64,408 shares of the business’s stock in a transaction 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 sale, the director now owns 449,052 shares in the company, valued at approximately $3,848,375.64. The trade was a 12.54 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Ali Kashani sold 31,791 shares of the company’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $11.39, for a total transaction of $362,099.49. Following the completion of the sale, the chief executive officer now directly owns 3,346,998 shares in the company, valued at $38,122,307.22. This represents a 0.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 194,922 shares of company stock valued at $2,178,354. 21.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Serve Robotics

Institutional investors have recently bought and sold shares of the company. Yong Rong HK Asset Management Ltd purchased a new position in Serve Robotics in the third quarter worth about $9,636,000. Thomist Capital Management LP purchased a new position in shares of Serve Robotics in the second quarter worth $407,000. PFG Investments LLC bought a new position in shares of Serve Robotics during the second quarter valued at $110,000. Bfsg LLC purchased a new stake in shares of Serve Robotics during the third quarter valued at $38,000. Finally, GSA Capital Partners LLP bought a new stake in Serve Robotics in the 3rd quarter worth about $152,000.

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.