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

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s share price gapped up before the market opened on Monday . The stock had previously closed at $7.46, but opened at $8.38. Serve Robotics shares last traded at $8.78, with a volume of 3,977,890 shares changing hands.

Analysts Set New Price Targets

Separately, Northland Securities set a $23.00 target price on shares of Serve Robotics in a research note on Tuesday, February 18th. Two analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, Serve Robotics has a consensus rating of "Strong Buy" and a consensus target price of $19.50.

Serve Robotics Stock Performance

The business's 50 day simple moving average is $6.46 and its 200-day simple moving average is $10.90. The stock has a market capitalization of $538.72 million and a price-to-earnings ratio of -8.92.

Insider Buying and Selling at Serve Robotics

In other Serve Robotics news, CFO Brian Read sold 8,900 shares of the business's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $8.95, for a total transaction of $79,655.00. Following the sale, the chief financial officer now directly owns 225,000 shares in the company, valued at approximately $2,013,750. The trade was a 3.81% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ali Kashani sold 3,713 shares of the business's stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $9.21, for a total transaction of $34,196.73. Following the sale, the chief executive officer now owns 3,225,852 shares in the company, valued at $29,710,096.92. This trade represents a 0.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 58,834 shares of company stock valued at $447,179 in the last ninety days. Company insiders own 5.50% of the company's stock.

Institutional Trading of Serve Robotics

A number of hedge funds and other institutional investors have recently made changes to their positions in SERV. Uber Technologies Inc bought a new stake in shares of Serve Robotics during the 4th quarter worth about $71,534,000. Capital Fund Management S.A. bought a new stake in shares of Serve Robotics during the 1st quarter worth about $4,244,000. Exchange Traded Concepts LLC bought a new stake in shares of Serve Robotics during the 4th quarter worth about $9,066,000. Vanguard Group Inc. raised its position in shares of Serve Robotics by 74.6% during the 4th quarter. Vanguard Group Inc. now owns 1,274,303 shares of the company's stock worth $17,203,000 after buying an additional 544,537 shares in the last quarter. Finally, Legal & General Group Plc bought a new stake in shares of Serve Robotics during the 4th quarter worth about $6,629,000.

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.