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

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s share price gapped up prior to trading on Thursday . The stock had previously closed at $11.80, but opened at $12.31. Serve Robotics shares last traded at $11.99, with a volume of 3,227,760 shares.

Analyst Ratings Changes

Separately, Cantor Fitzgerald began coverage on Serve Robotics in a research note on Thursday, May 22nd. They set an "overweight" rating on the stock. Three investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Strong Buy" and an average target price of $18.67.

Serve Robotics Stock Performance

The company has a market capitalization of $686.57 million, a P/E ratio of -11.40 and a beta of 0.13. The firm has a 50 day moving average price of $10.87 and a two-hundred day moving average price of $10.97.

Insider Activity at Serve Robotics

In other news, CFO Brian Read sold 29,100 shares of the business's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $7.06, for a total value of $205,446.00. Following the transaction, the chief financial officer directly owned 240,900 shares of the company's stock, valued at $1,700,754. The trade was a 10.78% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David Michael Goldberg sold 10,700 shares of the business's stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $10.63, for a total value of $113,741.00. Following the completion of the transaction, the director directly owned 50,725 shares in the company, valued at $539,206.75. The trade was a 17.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 66,751 shares of company stock worth $572,318 over the last three months. 5.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. CIBC Private Wealth Group LLC acquired a new position in Serve Robotics during the 4th quarter worth $34,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in Serve Robotics during the 1st quarter worth $49,000. KLP Kapitalforvaltning AS acquired a new position in shares of Serve Robotics in the 1st quarter valued at $49,000. Charles Schwab Investment Management Inc. lifted its stake in shares of Serve Robotics by 13.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 12,728 shares of the company's stock valued at $73,000 after purchasing an additional 1,545 shares during the period. Finally, Arkadios Wealth Advisors acquired a new position in shares of Serve Robotics in the 1st quarter valued at $74,000.

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.

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