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

Serve Robotics Inc. (NASDAQ:SERV) shares gapped up prior to trading on Monday . The stock had previously closed at $14.61, but opened at $15.12. Serve Robotics shares last traded at $13.22, with a volume of 3,993,708 shares traded.

Wall Street Analysts Forecast Growth

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

Serve Robotics Stock Down 6.9 %

The business’s fifty day moving average price is $10.18 and its two-hundred day moving average price is $8.38.

Insider Activity at Serve Robotics

In other news, CEO Ali Kashani sold 9,719 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $8.77, for a total value of $85,235.63. Following the transaction, the chief executive officer now directly owns 3,355,238 shares in the company, valued at approximately $29,425,437.26. This represents a 0.29 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director James Buckly Jordan sold 64,408 shares of Serve Robotics 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 sale, the director now owns 449,052 shares of the company’s stock, valued at $3,848,375.64. The trade was a 12.54 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 192,422 shares of company stock worth $2,141,604. Insiders own 21.40% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Larson Financial Group LLC bought a new position in shares of Serve Robotics during the 3rd quarter worth $26,000. Bfsg LLC purchased a new stake in Serve Robotics in the third quarter worth about $38,000. Gordian Capital Singapore Pte Ltd bought a new position in Serve Robotics during the 3rd quarter worth about $68,000. Quantum Private Wealth LLC bought a new stake in shares of Serve Robotics in the 3rd quarter valued at about $80,000. Finally, PFG Investments LLC bought a new position in shares of Serve Robotics during the second quarter valued at approximately $110,000.

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.