Serve Robotics (NASDAQ:SERV) Shares Gap Up – Time to Buy?

Serve Robotics Inc. (NASDAQ:SERV)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $11.82, but opened at $13.19. Serve Robotics shares last traded at $12.92, with a volume of 7,444,405 shares changing hands.

Analyst Ratings Changes

SERV has been the topic of a number of research reports. Northland Securities raised their price objective on Serve Robotics from $16.00 to $23.00 and gave the company an “outperform” rating in a report on Wednesday, January 15th. LADENBURG THALM/SH SH started coverage on shares of Serve Robotics in a research note on Monday, October 28th. They set a “buy” rating and a $16.00 price target on the stock. Two analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Strong Buy” and a consensus price target of $19.50.

Serve Robotics Trading Up 16.0 %

The firm has a fifty day moving average of $16.52 and a two-hundred day moving average of $11.92.

Insider Activity

In other news, COO Touraj Parang sold 50,000 shares of the company’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $12.99, for a total transaction of $649,500.00. Following the completion of the transaction, the chief operating officer now directly owns 1,163,439 shares of the company’s stock, valued at approximately $15,113,072.61. This represents a 4.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 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 transaction of $551,976.56. Following the sale, the director now owns 449,052 shares of the company’s stock, valued at approximately $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. Over the last 90 days, insiders sold 251,555 shares of company stock valued at $3,297,405. 21.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Serve Robotics

Several institutional investors and hedge funds have recently bought and sold shares of the business. Larson Financial Group LLC bought a new position in shares of Serve Robotics during the third quarter valued at approximately $26,000. Blue Trust Inc. purchased a new position in Serve Robotics during the 4th quarter valued at $27,000. CIBC Private Wealth Group LLC bought a new position in Serve Robotics in the 4th quarter worth $34,000. Bogart Wealth LLC purchased a new stake in shares of Serve Robotics in the 4th quarter worth about $37,000. Finally, Gordian Capital Singapore Pte Ltd bought a new stake in shares of Serve Robotics during the 3rd quarter valued at about $68,000.

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.