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

Serve Robotics Inc. (NASDAQ:SERV)’s stock price gapped up prior to trading 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.

Wall Street Analysts Forecast Growth

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

Serve Robotics Stock Performance

The stock’s 50 day moving average is $10.41 and its 200 day moving average is $8.54.

Insider Buying and Selling at Serve Robotics

In related news, COO Touraj Parang sold 50,000 shares of the 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 sale, the chief operating officer now owns 1,163,439 shares in the company, valued at approximately $15,113,072.61. This trade represents a 4.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Ali Kashani sold 9,719 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $8.77, for a total value of $85,235.63. Following the transaction, the chief executive officer now owns 3,355,238 shares of the company’s stock, valued at approximately $29,425,437.26. The trade was a 0.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 194,922 shares of company stock valued at $2,178,354 in the last 90 days. 21.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Yong Rong HK Asset Management Ltd bought a new position in shares of Serve Robotics in the 3rd quarter worth $9,636,000. Thomist Capital Management LP bought a new position in Serve Robotics in the second quarter valued at $407,000. Geode Capital Management LLC raised its position in Serve Robotics by 128.1% during the third quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock valued at $1,041,000 after purchasing an additional 73,496 shares in the last quarter. PFG Investments LLC bought a new stake in Serve Robotics during the second quarter worth about $110,000. Finally, State Street Corp purchased a new position in shares of Serve Robotics in the 3rd quarter worth about $333,000.

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.