Serve Robotics (NASDAQ:SERV) Shares Gap Up - What's Next?

Shares of Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $14.98, but opened at $15.45. Serve Robotics shares last traded at $15.26, with a volume of 1,819,200 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. LADENBURG THALM/SH SH began coverage on shares of Serve Robotics in a research report on Monday, October 28th. They issued a "buy" rating and a $16.00 price objective for the company. Northland Capmk upgraded shares of Serve Robotics to a "strong-buy" rating in a research report on Friday, October 18th. Seaport Res Ptn upgraded shares of Serve Robotics to a "strong-buy" rating in a research report on Monday, October 7th. Finally, Northland Securities assumed coverage on Serve Robotics in a report on Friday, October 18th. They set an "outperform" rating and a $16.00 target price on the stock. 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 currently has a consensus rating of "Strong Buy" and an average price target of $16.00.

Serve Robotics Stock Up 11.3 %

The business's 50-day moving average is $9.76 and its two-hundred day moving average is $8.04.

Insiders Place Their Bets

In related news, Director James Buckly Jordan sold 64,408 shares of the firm's stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $8.57, for a total value of $551,976.56. Following the transaction, the director now owns 449,052 shares in the company, valued at approximately $3,848,375.64. This trade represents a 12.54 % decrease in their ownership of the stock. The transaction 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 in the company, valued at approximately $29,425,437.26. This represents a 0.29 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 165,961 shares of company stock valued at $1,751,058. Insiders own 21.40% of the company's stock.

Hedge Funds Weigh In On Serve Robotics

Hedge funds have recently added to or reduced their stakes in the business. Yong Rong HK Asset Management Ltd acquired a new position in shares of Serve Robotics during the third quarter valued at $9,636,000. Thomist Capital Management LP purchased a new position in shares of Serve Robotics in the second quarter worth approximately $407,000. Geode Capital Management LLC lifted its holdings in shares of Serve Robotics by 128.1% in 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 purchased a new position in Serve Robotics during the 2nd quarter valued at about $110,000. Finally, State Street Corp purchased a new position in Serve Robotics in the third quarter valued at 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.