Serve Robotics (NASDAQ:SERV) Shares Gap Up - Here's Why

Shares of Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) gapped up prior to trading on Thursday . The stock had previously closed at $12.65, but opened at $13.49. Serve Robotics shares last traded at $12.94, with a volume of 1,858,093 shares trading hands.

Analysts Set New Price Targets

SERV has been the subject of several research analyst reports. Cantor Fitzgerald started coverage on Serve Robotics in a research note on Thursday, May 22nd. They issued an "overweight" rating for the company. Northland Securities set a $23.00 price objective on shares of Serve Robotics in a research note on Tuesday, February 18th. Three equities 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 $18.67.

Serve Robotics Price Performance

The firm has a fifty day moving average of $7.38 and a 200 day moving average of $11.02. The stock has a market capitalization of $680.38 million and a price-to-earnings ratio of -11.26.

Insider Transactions at Serve Robotics

In related news, CFO Brian Read sold 3,000 shares of the business's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $12.15, for a total value of $36,450.00. Following the completion of the sale, the chief financial officer now owns 221,000 shares of the company's stock, valued at approximately $2,685,150. The trade was a 1.34% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 56,869 shares of company stock valued at $440,227 in the last 90 days. 5.50% of the stock is currently owned by company insiders.

Institutional Trading of Serve Robotics

Several institutional investors have recently modified their holdings of SERV. Blue Trust Inc. purchased a new position in Serve Robotics in the 4th quarter valued at about $27,000. CIBC Private Wealth Group LLC purchased a new position in shares of Serve Robotics in the fourth quarter valued at approximately $34,000. Bogart Wealth LLC acquired a new stake in shares of Serve Robotics in the fourth quarter worth approximately $37,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Serve Robotics during the first quarter worth approximately $49,000. Finally, SG Americas Securities LLC acquired a new position in Serve Robotics in the 4th quarter valued at $114,000.

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.