Serve Robotics (NASDAQ:SERV) Shares Gap Up – Still a Buy?

Serve Robotics Inc. (NASDAQ:SERV) gapped up prior to trading 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 changing hands.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Northland Capmk upgraded shares of Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. LADENBURG THALM/SH SH assumed coverage on shares of Serve Robotics in a research note on Monday, October 28th. They set a “buy” rating and a $16.00 target price on the stock. Northland Securities started coverage on shares of Serve Robotics in a research report on Friday, October 18th. They issued an “outperform” rating and a $16.00 target price for the company. Finally, Seaport Res Ptn upgraded Serve Robotics to a “strong-buy” rating in a report on Monday, October 7th. Two research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat, Serve Robotics presently has a consensus rating of “Strong Buy” and an average price target of $16.00.

Serve Robotics Stock Performance

The company’s 50-day moving average is $11.39 and its 200-day moving average is $9.18.

Insider Transactions at Serve Robotics

In other news, CEO Ali Kashani sold 9,719 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $8.77, for a total value 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 position. The sale was disclosed in a legal 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 that occurred on 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 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 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 Trading of Serve Robotics

Several hedge funds have recently made changes to their positions in SERV. Larson Financial Group LLC acquired a new stake in Serve Robotics during the 3rd quarter worth approximately $26,000. Bfsg LLC purchased a new position in shares of Serve Robotics in the 3rd quarter valued at about $38,000. Gordian Capital Singapore Pte Ltd acquired a new position in shares of Serve Robotics during the third quarter worth about $68,000. Quantum Private Wealth LLC purchased a new stake in shares of Serve Robotics during the third quarter worth approximately $80,000. Finally, PFG Investments LLC acquired a new position in Serve Robotics during the 2nd quarter worth 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.