Serve Robotics (NASDAQ:SERV) Shares Gap Up – Still a Buy?

Serve Robotics Inc. (NASDAQ:SERV)’s stock price 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 traded.

Analysts Set New Price Targets

A number of research firms recently issued reports on SERV. Northland Securities initiated 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. Northland Capmk raised Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. Seaport Res Ptn raised shares of Serve Robotics to a “strong-buy” rating in a research report on Monday, October 7th. Finally, LADENBURG THALM/SH SH began 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 for the company. Two investment 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.com, the company currently has an average rating of “Strong Buy” and a consensus target price of $16.00.

Serve Robotics Stock Performance

The company’s 50-day moving average is $12.27 and its 200 day moving average is $9.97.

Insider Buying and Selling

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 sale, 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 sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Ali Kashani sold 9,719 shares of the business’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $8.77, for a total transaction of $85,235.63. Following the sale, the chief executive officer now owns 3,355,238 shares of the company’s stock, valued at approximately $29,425,437.26. This represents a 0.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 253,027 shares of company stock worth $3,309,166 in the last three months. Insiders own 21.40% of the company’s stock.

Institutional Investors Weigh In On Serve Robotics

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