Serve Robotics (NASDAQ:SERV) Shares Gap Up - Should You Buy?

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) shares 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 trading hands.

Analyst Ratings Changes

Several equities analysts have recently commented on SERV shares. Northland Capmk upgraded Serve Robotics to a "strong-buy" rating in a research report on Friday, October 18th. LADENBURG THALM/SH SH started coverage on shares of Serve Robotics in a research note on Monday, October 28th. They issued a "buy" rating and a $16.00 price objective for the company. Seaport Res Ptn raised shares of Serve Robotics to a "strong-buy" rating in a report on Monday, October 7th. Finally, Northland Securities assumed coverage on shares of Serve Robotics in a research note on Friday, October 18th. They issued an "outperform" rating and a $16.00 price target for the company. Two analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Strong Buy" and a consensus price target of $16.00.

Serve Robotics Price Performance

The stock has a 50 day simple moving average of $12.27 and a 200 day simple moving average of $9.97.

Insider Buying and Selling

In other news, Director James Buckly Jordan sold 64,408 shares of the firm's stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $8.57, for a total value of $551,976.56. Following the completion of the sale, the director now directly owns 449,052 shares of the company's stock, valued at approximately $3,848,375.64. This trade represents a 12.54 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Ali Kashani sold 9,719 shares of Serve Robotics 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 sale, the chief executive officer now directly owns 3,355,238 shares in the company, 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 a total of 253,027 shares of company stock valued at $3,309,166 over the last three months. 21.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Serve Robotics

Several large investors have recently made changes to their positions in SERV. Harbour Capital Advisors LLC raised its position in shares of Serve Robotics by 102.4% in the 4th quarter. Harbour Capital Advisors LLC now owns 50,365 shares of the company's stock worth $680,000 after purchasing an additional 25,475 shares during the last quarter. Tidal Investments LLC purchased a new position in Serve Robotics in the third quarter worth about $262,000. Geode Capital Management LLC lifted its stake 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 worth $1,041,000 after buying an additional 73,496 shares in the last quarter. Gordian Capital Singapore Pte Ltd purchased a new stake in shares of Serve Robotics during the third quarter valued at approximately $68,000. Finally, State Street Corp bought a new stake in shares of Serve Robotics during the third quarter valued at approximately $333,000.

About Serve Robotics

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.