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

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) gapped up prior to trading on Wednesday . The stock had previously closed at $11.82, but opened at $13.19. Serve Robotics shares last traded at $12.92, with a volume of 7,444,405 shares trading hands.

Analyst Ratings Changes

A number of brokerages have recently issued reports on SERV. Northland Securities boosted their target price on Serve Robotics from $16.00 to $23.00 and gave the stock an "outperform" rating in a report on Wednesday, January 15th. LADENBURG THALM/SH SH started coverage on shares of Serve Robotics in a research report on Monday, October 28th. They set a "buy" rating and a $16.00 price target on the stock. Two investment analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Strong Buy" and a consensus target price of $19.50.

Serve Robotics Stock Performance

The stock has a 50 day simple moving average of $16.55 and a 200 day simple moving average of $11.93.

Insider Buying and Selling

In other news, COO Touraj Parang sold 50,000 shares of the firm's 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 completion of the sale, the chief operating officer now directly owns 1,163,439 shares in the company, valued at $15,113,072.61. This trade represents a 4.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ali Kashani sold 37,500 shares of Serve Robotics stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $21.16, for a total value of $793,500.00. Following the sale, the chief executive officer now directly owns 3,230,990 shares in the company, valued at approximately $68,367,748.40. The trade was a 1.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 185,793 shares of company stock valued at $2,733,515. Corporate insiders own 21.40% of the company's stock.

Institutional Investors Weigh In On Serve Robotics

Hedge funds have recently bought and sold shares of the business. Uber Technologies Inc acquired a new position in shares of Serve Robotics in the 4th quarter valued at approximately $71,534,000. Yong Rong HK Asset Management Ltd acquired a new stake in Serve Robotics in the third quarter valued at $9,636,000. Exchange Traded Concepts LLC acquired a new stake in Serve Robotics in the fourth quarter valued at $9,066,000. Vanguard Group Inc. boosted its stake in Serve Robotics by 74.6% during the 4th quarter. Vanguard Group Inc. now owns 1,274,303 shares of the company's stock valued at $17,203,000 after acquiring an additional 544,537 shares during the last quarter. Finally, Legal & General Group Plc acquired a new position in Serve Robotics during the 4th quarter worth $6,629,000.

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.