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

Serve Robotics Inc. (NASDAQ:SERV)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $13.50, but opened at $14.15. Serve Robotics shares last traded at $14.99, with a volume of 2,933,931 shares trading hands.

Wall Street Analyst Weigh In

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

Serve Robotics Stock Up 28.9 %

The stock’s fifty day simple moving average is $11.39 and its 200-day simple moving average is $9.18.

Insider Buying and Selling

In other Serve Robotics news, CEO Ali Kashani sold 7,500 shares of the company’s stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $16.50, for a total value of $123,750.00. Following the sale, the chief executive officer now directly owns 3,283,490 shares of the company’s stock, valued at approximately $54,177,585. This represents a 0.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director James Buckly Jordan sold 64,408 shares of the stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $8.57, for a total value of $551,976.56. Following the sale, the director now directly owns 449,052 shares in the company, valued at $3,848,375.64. This represents a 12.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 207,462 shares of company stock worth $2,375,472 in the last 90 days. Insiders own 21.40% of the company’s stock.

Institutional Inflows and Outflows

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

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.