Serve Robotics (NASDAQ:SERV) Shares Gap Up - Here's What Happened

Shares of Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $14.78, but opened at $16.28. Serve Robotics shares last traded at $16.29, with a volume of 2,653,033 shares changing hands.

Analyst Upgrades and Downgrades

SERV has been the subject of several research reports. Northland Capmk upgraded Serve Robotics to a "strong-buy" rating in a research report on Friday, October 18th. Northland Securities boosted their price target on Serve Robotics from $16.00 to $23.00 and gave the stock an "outperform" rating in a report on Wednesday. LADENBURG THALM/SH SH started coverage on Serve Robotics in a research report on Monday, October 28th. They issued a "buy" rating and a $16.00 price objective on the stock. Finally, Seaport Res Ptn upgraded Serve Robotics to a "strong-buy" rating in a research report on Monday, October 7th. Two equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Strong Buy" and a consensus target price of $19.50.

Serve Robotics Stock Performance

The stock's 50-day moving average is $12.57 and its 200-day moving average is $10.13.

Insiders Place Their Bets

In other news, Director James Buckly Jordan sold 64,408 shares of the company's stock in a transaction dated 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 owns 449,052 shares of the company's stock, valued at $3,848,375.64. This represents a 12.54 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Touraj Parang sold 50,000 shares of the stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $12.99, for a total transaction of $649,500.00. Following the transaction, the chief operating officer now owns 1,163,439 shares in the company, valued at approximately $15,113,072.61. The trade was a 4.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 253,027 shares of company stock valued at $3,309,166 in the last quarter. 21.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Serve Robotics

Hedge funds have recently made changes to their positions in the stock. Larson Financial Group LLC acquired a new stake in shares of Serve Robotics during the 3rd quarter worth $26,000. Bfsg LLC purchased a new stake in Serve Robotics during the third quarter valued at about $38,000. Gordian Capital Singapore Pte Ltd acquired a new stake in Serve Robotics during the third quarter worth about $68,000. Quantum Private Wealth LLC purchased a new position in shares of Serve Robotics in the 3rd quarter worth about $80,000. Finally, Quadrature Capital Ltd acquired a new position in shares of Serve Robotics in the 3rd quarter valued at about $148,000.

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.