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

Serve Robotics Inc. (NASDAQ:SERV) shares gapped up before the market opened on Monday . The stock had previously closed at $11.80, but opened at $12.80. Serve Robotics shares last traded at $13.67, with a volume of 6,220,180 shares changing hands.

Wall Street Analysts Forecast Growth

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

Serve Robotics Stock Performance

The company has a 50 day simple moving average of $9.22 and a two-hundred day simple moving average of $7.61.

Insider Activity at Serve Robotics

In other news, Director James Buckly Jordan sold 64,408 shares of Serve Robotics stock in a transaction that occurred 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 completion of the transaction, the director now directly owns 449,052 shares of the company’s stock, valued at $3,848,375.64. The trade was a 12.54 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ali Kashani sold 9,719 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $8.77, for a total transaction of $85,235.63. Following the completion of the transaction, the chief executive officer now owns 3,355,238 shares of the company’s stock, valued at approximately $29,425,437.26. This trade represents a 0.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 80,337 shares of company stock worth $690,974 over the last quarter. Insiders own 21.40% of the company’s stock.

Hedge Funds Weigh In On Serve Robotics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Yong Rong HK Asset Management Ltd purchased a new stake in shares of Serve Robotics during the third quarter worth approximately $9,636,000. Thomist Capital Management LP acquired a new stake in shares of Serve Robotics in the second quarter valued at about $407,000. PFG Investments LLC purchased a new position in shares of Serve Robotics in the second quarter worth about $110,000. Bfsg LLC acquired a new position in Serve Robotics during the third quarter worth about $38,000. Finally, GSA Capital Partners LLP purchased a new stake in Serve Robotics during the 3rd quarter valued at about $152,000.

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.